South Koreas major base oil refiners - SK Lubricants, S-Oil, GS Caltex, and Hyundai Shell Base Oil - each reported steep declines in operating profit for 2019. In India, Castrol India Ltd. reported increased profits for 2019, while profits for the year were down for Balmer Lawrie & Co.s greases and lubricants segment, Savita Oil and MJL Bangladesh Ltd.
Lub-rref (Bangladesh) Ltd., the largest lubricating oil blending plant in Bangladesh, is poised for expansion and growth with the proceeds of its upcoming initial public offering. The company has not disclosed the amount it plans to raise.
Lub-rref (Bangladesh) Ltd. will open a 50,000 metric tons per year API Group II rerefinery by March 2019 with the help of American used oil regeneration technology provider Chemical Engineering Partners. The plant will be the countrys largest base oil source and its first to make Group II.
With no domestic virgin base oil production and an abundance of recyclable used oil, Bangladesh could pose opportunities for rerefiners. But players say the sector will likely remain paltry without better technology and more government support.
MJL Bangladesh Ltd. and Indonesias PT Federal Karyatama recorded significant gains in profit and revenue, respectively, in the first six months of this year, according to reports released last week.
Indias lubricant market attracts much attention because of trends for size and quality. But several of its neighbors - Bangladesh, Sri Lanka and Nepal - are also growing at attractive rates, an industry insider told a conference here this month.
MJL Bangladesh announced that it obtained a license from the government to offer marine lubricants duty-free to ocean-going vessels. The Dhaka-based company is just the second in Bangladesh to receive such a privilege and hopes to use it to attract more ship traffic.
Bangladeshi Eastern Lubricants reported a nearly six-fold jump in earnings for the six months ended Dec. 31, compared to the same period of last year.
Cost increases at MJL Bangladesh Ltd. caused a 36 percent drop in profits for the first half of 2015 despite higher sales, while Indias GP Petroleums raised its second quarter profit thanks to cheaper raw materials.
Bangladeshs MJL Ltd. reported a 10 percent increase in revenue and a 19 percent increase in profit for its lubricants operations in 2014. SK Lubricants, of South Korea, underwent a dip of 17 percent in both revenue and profit during 2015s first quarter compared to the year-earlier period.
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