Hin Leong Trading, the giant oil trader at the center of one of Asia’s biggest current business scandals, is also a lubricants supplier with a plant in Singapore and a grease and a lubricant plant in China.
Covid-19 pandemic lockdowns in Asia have resulted in increased demand for food-grade lubricants, industry insiders said.
Automotive sales in the Association of Southeast Asian Nations dropped 3 percent in 2019, but sales of two-wheelers increased 3 percent, according to figures released by the Asean Automotive Federation this week.
Viscosity modifier producer Innov Oil completed the relocation of its Singapore operations to a larger factory that provides increased production capabilities and storage capacity, the company announced last week.
United Global Ltd. reported double-digit percentage growth in net profit last year due to an increase in demand in the automotive sector, while fellow Singaporean lubricant blender AP Oil International Ltd. continued its decline in net profit for 2018 following a drop in 2017, mainly due to the loss of a major marine lubricant customer.
Spains Repsol signed an agreement to explore acquiring a stake in Singaporean lubricant blender United Oil Co.
British technology company Dyson will build a Singapore electric vehicle factory that will supply the Asia-Pacific region.
Electric vehicles are on the rise, but internal combustion engines will continue to dominate vehicle populations for the foreseeable future, meaning lubricant suppliers need to expand product portfolios, industry insiders said at a conference this week.
ExxonMobil announced Tuesday that it is planning a multi-billion dollar expansion at its Singapore refining complex, which will increase output of API Group II base stocks and clean fuels. This project would be in addition to the expansion currently underway at its existing Group II plant there.
Chevron Oronite completed an expansion of its additives plant in Singapore that doubles its global carboxylate-based detergents capacity, the company announced last week.