Home November 1, 2017
November 1, 2017
Calumet announced a price increase for all its paraffinic base oils on the heels of similar initiatives by other producers put into effect during the previous four weeks.
It was a docile week for base oil markets in Europe, the Middle East and Africa, with a large number of intra-company shipments by oil majors filling supply gaps at mainstream locations.
Markets in both the United States and in Asia have been subjected to increased demand which, in turn, has caused freights to strengthen. Europe, however, has been very slow, and freights are softer.
ExxonMobil, Chevron, Chemlube, Cam2 International, Warren Oil, Pinnacle Oil and Smittys Supply notified U.S. customers of upcoming price increases for finished lubricants that go into effect from mid-November through early December. Factors cited in some notices include continued increases in prices for raw materials such as base oil and additives.
The Union of the European Lubricant Industry last week presented its first of what will become annual reports on lubricant demand in the European Union. Officials said it will fill an informational void in Europe and become a valuable resource for the industry in that region.
Specialty chemicals companies Clariant and Huntsman Corp. mutually agreed to abandon plans to merge due to a lack of support from the formers largest shareholder, White Tale Holdings, the companies announced Friday. Clariant will not pay the $210 million breakage fee or the $60 million extraordinary general meeting non-approval fee per the termination agreement.
Profits were up for S-Oil and for Milacrons Fluid Technologies segment, while Afton Chemical reported lower operating profit, BPs lubricants business recorded lower profits, Quaker Chemical posted decreased net income, and Fuchs third quarter profit after tax was unchanged, all for the quarter ending Sept. 30, compared to a year earlier.
Sea-Land Chemical announced Joseph Clayton will retire as president Dec. 31 after 34 years with the company, the last 16 as president. Clayton will remain on the board of directors at Sea-Land, which in August appointed Jennifer Altstadt chief operating officer, overseeing all operations for the Westlake, Ohio-based chemical distributor and its subsidiaries in Canada and Europe. H&R USA made an equity investment into Novvi LLC, a joint venture of Amyris, Cosan S.A., American Refining Group and Chevron USA focused on using Amyris technology to produce renewable base stocks from Cosans sugar. Terms were not disclosed. Croda held a ribbon cutting ceremony recently in New Castle, Delaware, to mark upcoming commissioning of its new biobased, non-ionic surfactants plant.