Top Jiffy Lube Franchisee Exits Ch. 11
Heartland Automotive Services Inc., the largest Jiffy
Lube franchisee, recently emerged from Chapter 11 bankruptcy reorganization with
an approved payout plan for creditors, a commitment to remain in the Jiffy Lube
fold, and an agreement with Shell Oil Products U.S. to use Pennzoil lubricants
at all Heartland locations.
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Citgo to Shed 75 Workers
Citgo Petroleum Corp. on Feb. 11 said it would cut less than 2
percent, or about 75, of its 3,762 employees, as part of a restructuring
process driven by “an effort to respond and adapt to the unprecedented economic
crisis currently facing the United States.”
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Ban to Squeeze Single-Hull Tankers
Authorities for the Port of Fujairah in United Arab Emirates
have announced plans to prohibit single-hull tankers of less than 600 metric
tons after December of this year, according to a local news station. The ban
will also apply to offshore activity for vessels such as barges used for
lubricant bunkering.
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Gulf, Aegean Join to Sell Marine Lubes
Gulf Oil Marine and Aegean Marine Petroleum Network plan to
establish a global network for distribution and delivery of
marine lubricants, expanding into a market dominated by major oil companies.
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U.S. Base Oil Report
U.S. base oil postings revealed no further movement this
week, following a spate of price decreases that were put into effect earlier
this month. Producers had knocked off an estimated 20 to 65 cents per gallon from
all paraffinic posted prices. Naphthenic suppliers also lowered pale oil prices
recently by similar amounts.
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Europe-MidEast-Africa Base Oil Price Report
A week for reflections and resolutions, since many players
in the base oils business are either in or en route to London for Institute of Petroleum Week, which of course rounds off on Thursday and Friday with the ICIS
World Base Oils Conference.
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SSY Base Oil Shipping Report
Chemical tanker markets worldwide are beginning to see some
faint signs of recovery, with more cargoes quoted and the amount of open space
slowly becoming less prolific. It is a general view, and does not apply to
every single route. The long-haul routes, in particular those into Asia, are
among the first to benefit from the increased enquiry.
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