The world’s largest supplier of API Group III base stocks forecast last week that global demand for Group III will grow at an average annual rate of 3.5 percent in coming years – a pace that would make moderate progress toward erasing a glut of that category of base stocks. read more
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August 15, 2017
Volume 4 Issue 33
Indian lubricant suppliers saw first-quarter profits fall by between 30 and 55 percent from the same period last year. Most cited the transition to the country’s new tax system in June as a major reason for the slide, and were optimistic for a quick recovery. read more
Gulf Oil International (Mauritius) Inc. has acquired an additional stake in Gulf Oil Lubricants India Ltd., bringing its total share to 71.48 percent. The promoter’s move comes as construction of the company’s second blending plant nears completion. read more
Lazada will host the Shell Malaysia online store, launched this month as the lube supplier’s foray into online-to-offline business in Southeast Asia. Petronas Lubricants International said last week that it will complete its $50 million blending plant in Patalganga, India, by the first quarter of 2018. The Malaysian national oil company subsidiary is aiming to triple its share in India’s lubricant market by 2022. United Arab Emirates-based Gulf Petrochem Group, owner of India’s GP Petroleums Ltd., secured a $150 million loan to grow all its enterprises, including base oils, lubricants and grease, and plans to seek additional funding in Malaysia and Indonesia.