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August 14, 2018

Volume 1 Issue 33

Russia Braces for Possible U.S. Sanctions

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Sanctions drafted by the United States senate aim to punish Russian oil companies and banks, but Russian sources insist they will not harm the country’s lubricant industry, which would rely more on local products. However, they warn it could effectively cut the industry off from international markets. read more

Falling Nigerian Base Oil Prices Buck Trend

In most markets, base oil prices have risen significantly in the past two years, but in Nigeria, they have headed in the opposite direction. Local lubricant blenders say it’s because of a surge in the number of players importing to the country. read more

U.S. Firms Buy Stakes in Puraglobe

A private equity firm and an asset manager acquired stakes described as significant in rerefiner Puraglobe, which produces base oil in Germany, the companies announced last week. read more

Briefly Noted

Lukoil began distribution of lubricants for construction manufacturer UMG Group and fertilizer company Uralkali. Piraeus, Greece-based marine lubricants supplier Aegean Marine Petroleum Network Inc. promoted Kostas Polydakis to chief operating officer, added John Mystakidis as group financial controller and interim chief financial officer, and announced that Sal Drago, its former global director of supply and trading, rejoined the company in the same role.