Saudi Aramco reached an agreement to purchase a 17 percent stake in South Korean oil refiner Hyundai Oilbank for 1.4 trillion won ($1.2 billion), the state-owned company announced yesterday. This is slightly smaller than the stake Aramco announced that it had agreed to take in late January.
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Katie joined LNG Publishing in December 2016 as an Editorial Assistant to Lube Report and Lube Report Asia. In May 2016, she received a B.A. in Sociology and a B.A. in Political Science from the College of William and Mary, where she wrote for the school newspaper and for a nonpartisan online publication in addition to running public relations for her a capella group and social media as an intern for the Human Performance Resource Center.
The European Parliament voted Wednesday to adopt stricter carbon dioxide emission standards for new cars and vans in the European Union after 2020 in an effort to put the EU on track to become climate neutral.
Hong Kong’s Securities and Futures Commission fined UBS, Morgan Stanley and Merrill Lynch this month for inadequate due diligence in the 2014 initial public offering of Tianhe Chemicals Group Ltd.
Traffic through the Houston Ship Channel remains backlogged following a three day chemical fire at Intercontinental Terminal Co.’s Deer Park, Texas, terminal last week.
The American Petroleum Institute is posting information on unauthorized oils displaying API engine oil certification marks on a new web page, as part of a continuing effort to call out counterfeiters.
Shell Lubricants opened a 455,000 square-foot regional distribution center in Pittsburgh, Pennsylvania, with the help of third-party logistics provider Kenco Logistics, the companies announced Friday. The facility is the largest of Shell’s 11 distribution centers in the United States and will distribute products from its blending plant in West Virginia.
HollyFrontier Corp.’s lubricants and specialty products segment reported a decline in income from operations for its fourth quarter ending Dec. 31 and the full year, and Milacron Holding Corp.’s Fluid Technologies segment posted higher operating earnings and sales for the fourth quarter and the year.
Fuchs Petrolub SE posted €288 million (U.S. $327 million) in earnings after tax for 2018, up 7 percent from €269 million in 2017.
Tariffs imposed on lubricants and lubricant additives traded between the United States and China have made an obvious impact on the markets in both countries, but the U.S. industry has also been affected by levies that Washington, D.C. imposed on steel imports.
PT AKR Corporindo Tbk., an Indonesian supplier of petroleum products and chemicals, established a subsidiary last week to focus on the trading and distribution of lubricants.
Lubricant distributor RelaDyne closed on the acquisitions of Mansura, Louisiana-based Rachel Oil Co. and Columbus, Mississippi-based Dutch Lubricants, further extending the Cincinnati, Ohio-based company’s reach into the Gulf Coast and Southeast regions of the United States. Financial terms of the agreements were not disclosed.
BP’s lubricant business profits decreased 20 percent to $311 million in the fourth quarter, down from $375 million during the year-earlier period.
A large majority of European manufacturers – but not those in Russia – are adopting some form of Industry 4.0 technology, yet many believe these technologies will increase both up-front and ongoing maintenance costs, according to a study by Shell.
China’s demand for heavy-duty motor oils for trucks is expected to grow at a compound annual rate of 0.6 percent through 2022, thanks primarily to an anticipated boost in the country’s heavy truck population, according to a new study by Kline & Co.
Pugh Lubricants, Apollo Oil, Veterans Oil and Halco Lubricants, which identify themselves as a single lubricant and fuel distributor, announced two acquisitions this month. Apparently the trend of consolidation in the distributor segment is alive and well.