NYNASHAMN, Sweden – Nynas, the world’s largest supplier of naphthenic base oils, plansto double the capacity of its 7,800-barrel-per-day refinery here, company executives announced last week. Land is prepared already for a new hydrogen production unit, and construction of a new hydrotreater is set to begin. Speaking to a crowd of clients and visitors at therefinery here Thursday, Jean-Marie Toullat, marketing director of naphthenics, said that the project awaits only a final thumbs-...

Milacron, in Chapter 11 bankruptcy since March, has agreed to sell its assets for an estimated $175 million to a group consisting primarily of current investors. Milacron’s prospective buyer isa company formed by Avenue Capital Group, DDJ Capital Management LLC and certain other entities that together hold about 93 percent of Milacrons senior secured notes. The definitive agreement announced yesterday is substantially the same as one announced March 10, the same day Milacron filed for Ch...

MOSCOW – Russian oil giant LukOil remains committed to investing in the lubricants market despite a 60 percent drop in lubricants production since December and competition from an influx of imported lubricants, especially in the automotive market, a company official told a base oils and lubricants event here recently. Despite the recent financial turbulence and falling commodity prices, experts are optimistic that the Russian oils and lubricants industry has huge potential in terms of gro...

Ashland’s Valvoline division, Lubrizols additives segment, Fuchs Petrolub AG and Quaker Chemical reported a mixed bag of financial results for the quarter ending March 31. Valvoline Ashlands Valvoline division reported first quarter operating income of $66 million, a 175 percent jump from $24 million in the year-earlier period. Raw material cost decreases, along with cost savings initiatives, strengthened gross margins, Ashland said. The company noted that selling, general and administrat...

Bolivian President Evo Morales on Friday nationalized British aviation fuel and lubricants supplier Air BPs Bolivian subsidiary, though a BP spokesman indicated talks between the company and Morales administration had already been under way. Air BP has recently been in talks with the government to meets its desire to control its energy industry, BP spokesman Robert Wine told Lube Report. Air BP does not believe there was any need for [Fridays] take over process involving the military, as we had...

It was a slow week for many chemical shipping routes, made worse by the extensive Labour Day holidays celebrated worldwide. Even the U.S. Gulf to Asia market that has been so active recently has wobbled, with signs of open space at the end of May into early June. U.S. Gulf of Mexico Shipping from the U.S. Gulf to Asia has been hit by a combination oflower commodity values in Asia for certain chemicals such as methanol, as well as a shortage of supply for thoseproducts that are in demand, which...