Volume 4 Issue 35
Chinese Chemicals Giant Gears up for Lubes
August 29, 2017State-owned Chinese chemical company Sinochem will sell lubes as early as the end of 2017, said Li Junfeng, deputy general manager at Sinochem Lantian Trading Co., a subsidiary of Beijing-based Sinochem.
GST Throttles Castrol India Profit
August 29, 2017Castrol India Ltd. said Indias transition to the Goods and Services Tax system was a major reason for its 33 percent drop in profit during its second quarter. Lingering effects of demonetization were another culprit for lower sales.
Innov Expands Singapore Additives Plant
August 29, 2017Innov Oil completed an expansion at its Singapore lube additives plant - a project aimed at helping it meet growing demand for its olefin copolymer viscosity modifiers and viscosity index improvers.
Copton Seeks Max Capacity after Strong H1
August 29, 2017Qingdao Copton Technology Co., a Qingdao, Shandong province-based blender, increased net profit by 28 percent and revenue by nearly 24 percent in the first half of the year. The firm will open its research and development center and ramp up production to capacity in the second half.
Briefly Noted
August 29, 2017Singapore-headquartered global oil company Puma Energy formed a joint venture with diversified Pakistani conglomerate Chishti Group to acquire 51 percent of Pakistans fuel, petroleum products and lubricants firm Admore Gas Pvt. Chevron Lubricants Lanka Plc exported its first batch of synthetic lubricants to Pakistan last week, marking its first overseas sales outside of Bangladesh and the Maldives.
Correction
August 29, 2017An article in the Aug. 15 issue included incorrect information about a forecast for demand growth in API Group III base stocks. The source of the forecast was a South Korean securities firm, not SK Lubricants, as the article reported. In addition, the prediction that demand will increase at an average annual rate of 3.5 percent referred to Group II oils.