Volume 2 Issue 52

O'Brien Take Tops $3 Million

James J. OBriens paychecks have gotten bigger since he gained some responsibilities other than Valvoline. OBrien – who earlier this year was named president, chairman and chief executive officer of Ashland Inc. – received compensation totaling $3.3 million for the fiscal year ending Sept. 30, 2002, including $2.3 million in long-term stock awards and securities options. According to the 2002 annual report that Ashland released this month, OBrien received $702,000 in 2001, when he was...

Shell to Shutter Deer Park Lubes

Shell Oil Products US announced Thursday that it will close its Deer Park, Texas, base oil refinery – a move expected to tighten the U.S. base oil market, especially for naphthenics. The shutdown, scheduled for March 31, 2003, will eliminate 11 percent of naphthenic capacity in the United States. Sources said the announcement has buyers of electrical transformer oils scurrying for replacement suppliers. Its going to cause havoc for transformer oil customers, said a marketer who spoke on co...