The lubricants industry was abuzz after a New York Post article Friday reported Ashland began shopping its Valvoline division to pay down debt, and speculated it could fetch as much as $1 billion. Ashland would not confirm the report. We dont comment on market rumors or speculation, Ashland spokesman Jim Vitak told Lube Report. Citing unidentified sources, the newspaper said the first round of bids came within the past several days and that among those making it to the second round were Presto...

MOSCOW – Russian blenders have good opportunities to export because the global demand for Russian lubricants is rising, according to a consultancys presentation at a lubricant industry event last week in Moscow. The question is whether blenders can take advantage of that trend when Russian lubricant output volumes are tumbling down due to the economic downturn. The positive trends in the oil industry depend on the Russian economy recovering, which is not expected earlier than the beginnin...

Russian energy giant JSC Gazprom Neft announced last week the purchase from Chevron of a lubricant blending plant in Bari, Italy. The acquisition is Gazproms first lubricant asset in Western Europe. Gazprom officials said the company will use the plant as a springboard into Europes lubricant market and as a vehicle to obtain lube technology. Acquiring a facility in Bari corresponds with the strategy of development of our business in the field of oils and lubricants production, Gazprom Executive...

Afton Chemical posted a record $50.1 million operating profit for the quarter ending March 31, up 33 percent from $37.7 million in the year-earlier period. SK Energys lubricants division saw an operating loss of 7.7 billion South Korean won (U.S. $5.7 million) in the first quarter, down from a 24.3 billion won ($18 million) profit in 2008s first quarter. While lubricant additive profits were flat in the quarter to quarter comparison, fuel additive profits increased due to improvements in our pr...

MOSCOW – Turkmenistans national oil company plans an expansion and upgrade, doubling capacity at the countrys only base oil plant to 160,000 tons per year of API Groups II and III base stocks targeted at Russias lubricant market, according to a consultant on the project at an industry gathering here. An official with Chemlube International told the second Base Oils and Lubricants in Russia and the CIS conference that the project at Turkmenbashi Oil Processing Complex will double capacity...

The firmness in freights to Asia has to be contrasted with the softness in rates back out of Asia. Inbound Asian rates appear to have peaked, and whilst outbound Asian rates have lost some $10 per ton this week, we would hesitate to say that those rates will not fall further. Some may suggest that rising bunker costs preclude any further deterioration in rates, and indeed, we have seen some owners decide to send their ships in ballast to Europe from Asia, but we suspect some contribution to co...