Legal & Regulatory
The European Parliament voted Wednesday to adopt stricter carbon dioxide emission standards for new cars and vans in the European Union after 2020 in an effort to put the EU on track to become climate neutral.
Sanctions drafted by the United States senate aim to punish Russian oil companies and banks, but Russian sources insist they will not harm the countrys lubricant industry, which would rely more on local products. However, they warn it could effectively cut the industry off from international markets.
Irans place in global API Group I base oil markets is proving surprisingly resilient despite last months snap-back of United States sanctions targeting the Islamic Republics oil sector. Exports continue because of Washingtons decision to grant import waivers to eight countries, allowing them time to seek alternative supply sources.
A European Commission committee met on Sept. 6 to discuss whether to renew, amend or abolish a tariff exemption for API Group II base oil imports to the bloc. The waiver is set to expire in December, and ideas to implement a quota are under discussion.
On both sides of the Atlantic, metal removal fluid suppliers and their customers are relieved by the European Unions extension of regulatory exemptions for lead in steel, aluminum and copper alloys.
Nynas AB, one of the worlds largest suppliers of naphthenic base stocks, filed for reorganization protection in a Swedish court Friday after banks refused to extend its loans.
A watchdog for Europes engine oil market has accused a British supplier of Toyota genuine oils of making false performance claims.
The European Commission opened an in-depth investigation into the planned merger of Polands two main oil companies, PKN Orlen and Lotos, to assess whether the deal would violate anti-monopoly rules in the lubricants industry and other markets.
Bain Capital Private Equity announced an agreement last week to buy Italmatch Chemicals S.p.A., a lubricant additive supplier that has been on its own acquisition tear.
Russian authorities adopted a bill that will increase export tariffs for motor oils, fuels and other distillates by 4 percent in 2021.