Asia-Pacific continued to lead in global wind power development in 2019, accounting for 50.7 percent of new installations, boosted by regulatory reform during the past two years, according to a report by the Global Wind Energy Council.
SK Lubricants acquired a 49 percent stake in Mekong Petrochemical JSC, Vietnams largest private lubricant company, as part of an expansion bid into the Southeast Asian market. The two companies finalized the agreement late last week.
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.
Vietnams increasing number of solar plant installations is boosting overseas demand for silicon wafer cutting oil used in solar panel manufacturing, an industry insider told Lube Report.
Chevron Lubricants Vietnam has completed the expansion of its Hai Phong, Vietnam, blending plant, a $5 million project that more than doubles the facilitys previous capacity. The company did not disclose the plants new capacity.
Vietnam will double its environmental tax for lubricants beginning Jan. 1, according to a resolution passed by the countrys National Assembly Standing Committee last month.
Vietnams declining automotive sales may hinder lubricant market growth. To stay competitive, patience to develop a reliable lubricant distribution network is key, said an official from Vilube in Singapore.
Taiwanese state-owned petroleum company CPC Corp. began construction of an automotive lubricant blending plant in southern Vietnam this month after a delay of more than a year, the company confirmed.
Indonesian lubricant blenders might be turning their sights to Vietnam due mainly to the growth potential of its automobile engine oil market, observers and suppliers said.
Infrastructure construction is booming in Southeast Asia - particularly in Thailand and Vietnam - and new Asian lube suppliers are positioned to secure market share if they enter the market with clear direction, according to an industry observer.