September 28, 2016
Volume 17 Issue 52
Lukoil Posted Strong January-June Results
Russian lube maker Lukoil said its finished lubricant and grease sales rose 15 percent in this year’s January-June period, primarily driven by the growth of its high-margin sales and increased number of international approvals in its product portfolio.
“In the first half of 2016 our total finished lubricant and grease sales grew to 435,000 tons, up 15 percent from the same period last year,” the company told Lube Report last week. “In the first six months of 2016 Lukoil [managed] to increase its domestic motor and industrial oil sales by 10 percent and 20 percent respectively, compared to the same period last year.”
The share of the company’s products with international original equipment manufacturer approvals rose by 12 percent, according to Lukoil. “This is a historical record in the company‘s premium product, high-margin sales, and it is based on the continuous expansion of our product portfolio, successful approval applications, increased factory fill deals and improved research and development,” Lukoil said.
“We persistently mitigate the production that is no longer consistent to the requirements of the leading original equipment manufacturers and bring to the market new products that satisfy the best global practices,” LLK-International General Director Maxim Donde said. “At the moment we have received over 1,000 approvals from international automotive, industrial and marine OEMs and the company successfully matches any class of import lubricants present in the Russian market.”
In 2015 Lukoil produced around 1 million tons of base oils, finished lubricants, greases and lube additives and held 40 percent of the combined Russian markets for those products.
The finished products were manufactured at its nine production facilities located in Russia, Belarus, Austria, Finland, Romania and Turkey, as well as at 26 affiliated production sites and toll blending facilities around the world.