Hi-Tech Lubricants posted higher net profit for the quarter ending March 31, while National Refinery Ltd. reported decreased net profit for its lube segment for the nine months that ended March 31, compared to year-earlier results. Both companies are based in Pakistan.
Esso (Thailand) Public Co.’s lubricant sales fell 5.7 percent last year, in line with a decline in the country’s sales of motor vehicles and motorcycles.
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.
Pakistans National Refinery Ltd. reported its half-year net profit for its lube segment - which includes API Group I base oils and waxes - plunged 52 percent year-on-year, hurt by weak domestic sales.
The Indian government plans to sell its 53.29 percent stake in Bharat Petroleum Corp. Ltd., an oil and gas company that is one of the countrys largest lubricant suppliers and one of four domestic base oil producers.
Weifang Hongrun Petrochemical Technology Co. awarded a contract to Chevron Lummus Global for license and design of a 500,000 metric tons per year white oil hydroprocessing unit and a 200,000 t/y food-grade white oil unit in Shandong, China, CLG recently announced.
China continues to dominate the global wax market, but Indian suppliers are increasing sales domestically and abroad and could provide competition to Chinese companies in coming years, an industry insider said at a conference last month.
Asia's demand for waxes will likely outpace supply, which is expected to slow slightly after strong increases in recent years, an industry official said.
Asia accounted for 46 percent of the globes 10.5 billion pounds of wax supply in 2015 and is the top supplier of several wax types, including petroleum, synthetic and palm. Production in the region is rising, particularly in China.
Asia-Pacifics microcrystalline wax demand is expected to show strong growth to 2019, while its petrolatum demand is projected to grow more slowly over that time, consultancy Kline & Co. projected.
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