Although Japans base oil plants were relatively unscathed by the March 11 earthquake and tsunami, impacts will be felt by the island nations finished lubricants industry along with auto manufacturers dependent upon parts made in Japan. Base Oil JX Nippon Oils 270,000 barrels per day refinery in Negishi temporarily shut down after the March 11 earthquake. The base oil plant at the refinery has 4,400 barrels per day of API Group I capacity. According to a March 22 Reuters report, JX Nippon Oil r...

Berkshire Hathaway executive David Sokol, who purchased thousands of shares in Lubrizol before recommending its acquisition to Berkshire CEO Warren Buffett in mid-January, resigned March 28. On March 14, the companies announced that Berkshire Hathaway would acquire100 percent of Lubrizols shares for $135 per share. After the close of the $9.7 billion transaction, Lubrizol will operate as a subsidiary of Berkshire Hathaway. Buffett detailed Sokols resignation in a March 30 statement. Sokol was c...

Petroleum waxs share of the 9.6 billion pound global wax market is expected to decline from 84 percent in 2010 to 76 percent by 2020, according to Kline & Co., driven by the trend towards higher quality base stocks at base oil plants. The rationalization of Group I base stock plants which produce petroleum wax will drive this reduction in wax supply, said Milind Phadke, project manager for Kline and Co.s Energy Practice, during a web presentation March 15. This is a factor completely out o...

Solvay has agreed to buy Rhodia for 3.4 billion (U.S. $4.8 billion), bringing together two global chemical manufacturers whose products include lubricants, greases and metalworking fluid additives. The cash offer of 31.60 per share for all of Rhodias share capital will be launched in France and extended to the United States. Solvay will make a tender offer conditional upon regulatory approvals and upon a minimum acceptance level of 50 percent plus one share in the coming days, with closing expe...

The U.S. Nuclear Regulatory Commission recently began inspecting Ameren Missouris Callaway nuclear power plant near Fulton, Mo., to check on lubrication of an auxiliary feedwater pump. According to the commission, inspectors began work March 21 to identify circumstances surrounding an oil sample taken Feb. 8, which indicated that the pump might have been inadequately lubricated. They will also review the licensees response to the event and its evaluation of the pumps operability. The pump suppl...

A nother positive week in both Europe and the U.S. Decent amounts of material need to be shipped in both regions. Asia is supposed to be quieter, but freight rates remain firm nonetheless. U.S. Gulf of Mexico NPRA is over, and the returning delegates seem to have pulled a few rabbits out of the hat. Gulf-to-Caribbean trade has benefitted from a surge of new orders into Venezuela, including caustic, solvents and aromatics. Space is tight from the U.S. Gulf to the west coast of Central America a...