A combination of public holidays and weaker crude oil values have kept petrochemical trading deals to a minimum. Freights have consequently come under pressure in almost all the main regions. U.S. Gulf It has not been a good week for ship owners who service the route to Far East, with almost all the regular products failing to materialize. Styrene traders had another frustrating week, with prices tracking softer crude oil prices. Buyers in Asia inevitably held back in the anticipation of even lo...

Bahrain Petroleum Co. and Neste Oil will dissolve, by October 7, 2017, their marketing agreement for base oils produced at their joint venture API Group III base oil refinery, a Neste representative said yesterday. In the new arrangement, Neste would retain a 45 percent stake in the Bahrain Lube Base Oil Co., which is located at a solely owned Bapco fuel refinery in Sitra, Bahrain, along with rights to market that portion of the output. The Bahrainian partners – Bapco and Oil and Gas Holdi...

Russian base oil exports increased 13 percent in 2016 due to favorable market conditions in Europe and a ramp-up of API Group II and Group III base oils production, according to an industry insider. Denis Varaksin, base oil and slack wax sales manager at Berlin-based DYM Resources, predicted Russian base oil exports will stabilize to around 1.1 million tons in 2017 due to Europe becoming a more popular destination and increased shipments by Russian petrochemical company Taneco, the only large-sc...

Calumet Specialty Products Partners L.P. posted a much smaller first quarter net loss than it did in 2016, and its executives discussed the companys recent launch of API Group III base oil production during an earnings call with analysts. Clean Harbors Safety-Kleen segment posted an increase in third-party revenues, compared to a year earlier. Calumet Calumet reported a net loss of $6.2 million for the quarter ending March 31, an improvement from a $67.7 million loss in the year-earlier quarter....

Iranol Co. and Malaysias Petronas signed an agreement to cooperate on production of engine oils and industrial lubricants in Iran. The companies cooperation document was signed Monday on the sidelines of the 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition in Tehran, according to a press release. Petronas Lubricants International has sought to grow its global lubricants business in recent years by expanding in a number of key markets. Last month the company opened its seco...