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Nynas Files for Reorganization Protection

Nynas AB, one of the worlds largest suppliers of naphthenic base stocks, filed for reorganization protection in a Swedish court Friday after banks refused to extend its loans.

Base Oil Quota Pressures European Market

Following the European Commissions adoption last month of a quota on duty-free API Group II base oil imports, industry sources say the measure is already stirring the European market with concerns that the threshold is too low.

Russian Base Oil Exports Stabilize

Russian base oil export volumes are off an estimated 1 percent this year after a sharp 12 percent decline in 2018, an industry insider estimates. An official from chemicals trader DYM Resources told a recent conference that volumes could rebound thanks to improving economics and capacity expansions.

EU Moves Toward Group II Quota

The European Commission last week adopted a quota for API Group II base oil imports, determining that volumes above 400,000 metric tons per year will be subject to duties of 3.7 percent.

More Base Oils in European Pipeline

API Group I rationalization continues to occur in Europe, Russia and the Commonwealth of Independent States - with more expected in the Middle East - while an influx of new Group II capacity is projected to result in a surplus of that grade in Russia and CIS countries, an industry insider said.

Iranian Exports Redirect to Iraq

Iraq has emerged as Irans main export market for base oils as the weight of United States sanctions shut down the Islamic Republics traditional trade routes. Base oils are being trucked overland to neighboring Iraq, with unconfirmed reports saying they are re-exported as Iraqi-origin base stocks.

Base Oil Market Roiled by Change

The base oil market is changing as the industry tackles new sources of product, increasingly demanding lubricant performance requirements and a variety of other challenges, an industry insider said at an event in Cannes, France.

Neste Writes Off Stake in Nynas

Neste stated last week that it has written off its holding in Nynas, an admission of the difficulties that the joint venture faces under economic sanctions against Venezuela.

Shell Trading Distributes Bapco Base Oils

Bahrain Petroleum Co. has signed an agreement appointing Shell Trading and Shipping Co. exclusive distributor in Europe and the Americas of Bapcos API Group III base oils.

Briefly Noted

Officials at Neste Corp. said base oil production at the companys refinery in Porvoo, Finland, was not affected by a major disruption in the companys internet technology systems. Neste reported Monday that the problem interrupted activities in Finland and the Baltic region, but a spokesperson said this morning that production at the API Group III base oil plant in Porvoo will continue normally. Neste said the problem stemmed from a hardware failure in a data center of its service provider.

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