Home December 21, 2016
December 21, 2016
Shortly after reports surfaced that ExxonMobil would be increasing posted prices on Jan. 1, Flint Hills Resources also announced a price hike for its API Group II base oils.
With the holiday season approaching, many players are going dormant until after the New Year. This is most conspicuous within Europe and Africa, where even this week, many were out of station and missing from their desks. The market is set to remain quiet for the next two to three weeks, until normal activity resumes during the first week in January.
December space is tight in Asian markets. There is finally more yearend activity in the Europe and the United States, but neither is wildly busy as in previous years.
Many attending the Auto-Oil Advisory Panel meeting earlier this month in Orlando, Florida, were braced for unpleasant news, but the reality was still sobering: The panel, which is managing the development and introduction of the ILSAC GF-6 passenger car engine oil upgrade, heard that it may take until May 2019 to get the products to market.
Chevron made an equity investment into Novvi LLC - a joint venture of Amyris Inc., Cosan S.A. and American Refining Group - to gain access to biobased base oils. Terms of the transaction were not disclosed.
Afton Chemical Corp. entered into a contract to acquire Mexico City-based lubricant additive manufacturer and distributor Aditivos Mexicanos, S.A.
MOSCOW - Eastern Europes lubricant demand stalled during the past few years due to adverse economic conditions, according to an industry insider.
The American Petroleum Institute will discontinue licensing the use of the Energy Conserving designation with its API SL and API SM gasoline engine oil categories effective Dec. 30. Any currently licensed API SL Energy Conserving or SM Energy Conserving products will remain licensed until that date. At that time, the license will be canceled, and no oil marketer will be permitted to show the Energy Conserving designation on labels or in any marketing medium. For more information read Lube Reports March 16 article, API Pulls Plug on Energy Conserving.
Three new reactors for ExxonMobils new hydrocracker arrived at its Rotterdam, Netherlands, refinery site last week. The hydrocracker represents an investment of more than $1 billion, and the company plans to produce API Group II base stocks in Europe for the first time, starting in 2018. Pilot Chemical Co. named Derek Houck chief financial officer effective Jan. 3. Current CFO David Waizmann will assume the title of business director, overseeing the companys marketing, new product development, sales, analysis and Pilot and Mason product lines.