Apar Industries reported a steep drop in net profit for the quarter ending March 31, while Maximus International and Continental Petroleums posted higher net profits for the quarter, compared to year-earlier results.
Reported lubricating grease production was up in China and Southeast Asia, and down in India and Japan, according to a survey by the United States-based National Lubricating Grease Institute.
Tide Water Oil Co. and Balmer Lawrie & Co.’s greases and lubricants segments both reported declines in profit for the quarter ending March 31, according to recent regulatory filings.
The Hinduja Group, owner of several lubricant businesses, is embroiled in a dispute between the four aging brothers who control the parent company. The eldest has asked a London court to nullify a 2014 agreement that the siblings control the company’s assets collectively, clearing the way for different parts to be separated.
Castrol India and Gulf Oil Lubricants India Ltd. both reported steep drops in profits for the quarter ending March 31, citing the impacts of the Covid-19 pandemic and accompanying lockdowns.
GP Petroleums Ltd. and Gulf Oil Lubricants India Ltd. announced the reopening of blending plants in India, after receiving permission from local authorities to operate under guidelines in accordance with Covid-19 safety precautions.
Shipments of castor oil derivatives are flowing from India once again, easing availability of popular grease additives after supplies were constrained last month by a lockdown meant to combat Covid-19.
Asia accounted for more than half of 11.2 billion pounds of global wax supply in 2019, leading in petroleum waxes in large part because of China refineries’ widespread production of wax through processes not involving API Group I base oil, an industry insider said.
Three lubricant industry associations in the United States petitioned India’s government last week to approve the export of castor oil derivatives stuck at India ports as part of a national lockdown to combat the Covid-19 pandemic.