Legal & Regulatory
The Covid-19 pandemic has delayed negotiations toward a final agreement for the Klesch Group to become operator of Curacao’s Isla Refinery, according to local media reports.
Calumet Specialty Products Partners repaid $31.4 million in federal Paycheck Protection Program loans Monday, two weeks after acknowledging that it could face penalties under shifting government policies for the program.
Nynas AB announced Tuesday that Petroleos de Venezuela S.A. sold a 35 percent stake in the company and that the United States lifted sanctions against Nynas as a result of the divestment.
A Federal District Court judge in Missouri granted preliminary approval to a class action settlement providing reimbursement to customers who purchased certain tractor hydraulic fluids labeled as 303 products and marketed by Citgo and another company.
The president of Petroleos de Venezuela S.A.’s lubricant business was one of several company officials arrested early this month on corruption allegations by a committee appointed to reform the national oil company.
Lubricant additive supplier IPAC said last week that it has won two arbitration decisions against a former distributor and a former employee for misappropriation of intellectual property.
The Canadian government decreed this month that it will permit 9-octadecenoic acid (Z)- compound with (Z)-N-9-octadecenyl-1,3-propanediamine to be used as an ingredient in engine oils and transmission fluids even though it suspects the substance to be toxic.
Amalie Oil Co. and the plaintiffs of a class action lawsuit against the company have asked a Florida circuit court to grant final approval on a settlement agreed upon by the two sides late last year, according to the Independent Lubricant Manufacturers Association. Amalie is an ILMA member.
With the IMO 2020 regulation on marine fuels scheduled to take effect in just over a month, vessel operators and ports are still preparing for compliance. Industry insiders say some shipping will require more time to conform to the new requirements. Analysts also predict fallout for the base oil market, saying the regulation will probably force some plants to close.
The Securities and Exchange Commission on Nov. 25 charged Calumet Specialty Products Partners L.P. with posting an inaccurate and misleading earnings release in 2017. Without admitting or denying the findings, Calumet consented to entry of the SECs order and agreed to pay a fine of $250,000 as part of a resolution to the investigation.