Nynas naphthenic business segment, which primarily supplies base oils, reported 328 million Swedish krona (U.S. $35 million) in earnings before interest, taxes, depreciation, and amortization for full year 2018, down more than 59 percent from SEK 807 million for 2017. U.S. sanctions against one of its parent companies, Petroleos de Venezuela, took a heavy toll, according to the annual report that Nynas filed last week.
Neste stated last week that it has written off its holding in Nynas, an admission of the difficulties that the joint venture faces under economic sanctions against Venezuela.
Following a strong fourth quarter and 2017, Fuchs Petrolub SE plans to focus on investing in China, the United States and Germany during 2018, the company stated in its annual report released last week. After opening several new facilities throughout 2017, the independent lubricant blender plans to open more over the next few years.
Four years after acquiring the Lubritene and Lubrasa specialty lubricant businesses and making them part of its South Africa subsidiary, Fuchs Petrolub has turned them into a division of its Lubritech specialty lubricants company.
Independent lubricants blender Fuchs Petrolub SE reported increases in profits and sales, while BPs lubricants business took a drop in profit for the third quarter, compared to 2017s third quarter.
German lubricant and additive marketer Liqui Moly said problems with new software caused a sharp drop in earnings and are continuing to hamper the business.
United Kingdom-based transformer oil rerefiner Hydrodec Group posted an overall loss for the year, although sales revenue from its U.S. and Australia rerefining operations were up, according to audited earnings results released May 31.
Rosneft sold 84,000 metric tons of what it calls premium lubricants, up 21 percent from the year before, driven by an effort to displace imported and foreign branded lubricants from the Russian market.
Independent lubricants blender Fuchs Petrolub SE increased profits and sales, and BPs lubricants business reported a decline in profit for the second quarter, compared to 2017s second quarter.
London-based transformer oil rerefiner Hydrodec posted a $13.7 million overall loss for 2018, compared to a $4.3 million loss in 2017. However, it reported higher full-year revenue at $14.9 million, up 10.5 percent from $13.4 million in 2017.