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.
Chinese additives maker Kangtai Lubricant Additives Co. started construction in June on a 50,000 metric tons per year additive manufacturing plant in Jinzhou city, Liaoning province, where the company is based.
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.
April sales of lubricating oil and grease in Australia fell 7 percent year on year to 25.6 million liters, according an Australian government agency’s petroleum statistics report.
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.
Chinese fuel supplier Bohui canceled plans to build an API Group II base oil plant but has built a facility that produces paraffin wax, according to a company prospectus. The company was recently approved to go public on the ChiNext startup board of the Shenzhen Stock Exchange.
An increasing number of vehicles in China are equipped to transmit information about their operations across the internet, and this is expected to impact the supply chain of lubricants, an industry analyst told Lube Report recently.
Registrations of new passenger cars, trucks and buses fell 45 percent in May, compared to a year earlier, according to data released June 6 by the Japan Automobile Manufacturers Association.