BP’s lubricants business posted a steep drop in profit for the first quarter, which it attributed primarily to Covid-19 pandemic impacts, while independent lubricants blender Fuchs Petrolub SE reported moderate declines in profits and sales, compared to 2019’s first quarter.
Gazpromneft-Lubricants sold 708,000 tons of base oils and lubricants in 2019, up from 703,000 tons sold the year before, thanks to increased international sales and higher volumes of products in small packages, the company announced.
Independent lubricants blender Fuchs Petrolub SE reported €52 million (U.S. $55.5 million) in earnings after tax for the fourth quarter of 2019, according to its 2019 financial report factsheet, down almost 25 percent from €69 million in 2018’s fourth quarter.
Independent lubricants blender Fuchs Petrolub SE reported a decrease in profits and an increase in sales, while BPs lubricants business posted an increase in profit for the third quarter compared to 2018s third quarter.
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.
Independent lubricants blender Fuchs Petrolub SE posted decreased profit and sales, and BPs lubricants business reported a slight decline in profit for the second quarter, compared to 2018s second quarter.
German lubricant and additive marketer Liqui Moly said problems with new software caused a sharp drop in earnings and are continuing to hamper the business.
Rosneft sold 84,000 metric tons of what it calls premium lubricants, up 21 percent from the year before, driven by an effort to displace imported and foreign branded lubricants from the Russian market.
Nynas naphthenic business segment, which primarily supplies base oils, reported 328 million Swedish krona (U.S. $35 million) in earnings before interest, taxes, depreciation, and amortization for full year 2018, down more than 59 percent from SEK 807 million for 2017. U.S. sanctions against one of its parent companies, Petroleos de Venezuela, took a heavy toll, according to the annual report that Nynas filed last week.
London-based transformer oil rerefiner Hydrodec posted a $13.7 million overall loss for 2018, compared to a $4.3 million loss in 2017. However, it reported higher full-year revenue at $14.9 million, up 10.5 percent from $13.4 million in 2017.