Hot Lube Markets Will Weather Downturn
With preliminary 2008 data in hand, Apu Gosalia of Fuchs Petrolub ventured that global lubricant demand fell by 2 to 4 percent from 2007 to 2008, and 2009 will certainly be down again. But longer term, he said there is still enormous growth potential for lubricants in Brazil, Russia, India, China and the “Next 11” emerging countries.
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Lubrizol to Undo Lockhart Oxidate Deal
Lubrizol last week signed a consent order with the U.S. Federal Trade Commission, agreeing to void a 2007 noncompete agreement with Lockhart Chemical and transferring to Additives International the oxidate assets it had acquired from Lockhart two years ago.
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Nigeria Promises Oil Sector Reform
With the Mar. 31 target for completion of a maintenance turnaround at Kaduna Refining and Petrochemical Co. and its 110,000-metric-ton base oil plant slipping again, the Nigerian government said last week that it would no longer put a dime on the rehabilitation of the country's four refineries. Instead, it called for major deregulation and reform of the downstream oil sector.
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Economy Trips Quaker, Fuchs
Faced with falling customer demand, Quaker Chemical eliminated more than 80 positions last quarter and is letting 50 go this quarter; fourth quarter 2008 net sales dropped 18 percent from the year-ago quarter, for a quarterly loss of $2.7 million. Fuchs Petrolub reported earnings of €110 million for the year, down from €120 million in 2007, on nearly-flat sales.
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Nuclear Station Oil Leak Draws Feds
Specialists from the U.S. Nuclear Regulatory Commission are conducting a special inspection at the Cooper Nuclear Station near Brownville, Neb., in response to the failure of a pipe that supplies lubricating oil to an emergency diesel generator.
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Briefly Noted
The U.S. Defense Logistics Agency has awarded a maximum $7.76 million contract to Castrol Marine Americas, Houston, to supply lubricating oils… Channel Resources, Vancouver, British Columbia, has agreed to acquire Fox Creek Lithium Brine Project, located about 200 km west of Edmonton, Alberta… Old Engine Oil black ale from Harviestoun Brewery, Scotland, tastes much better than it sounds, beer reviewers say; “dark, slick and chewy,” opined one.
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U.S. Base Oil Price Report
U.S. base oil activity remained sluggish as the calendar flipped to March, but a few sellers said they see fresh signs that customer requirements are building, albeit marginally. Sources said additive suppliers have recently dropped prices up to 6 percent for some customers.
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Europe-MidEast-Africa Base Oil Price Report
It’s a very weak market with prices sliding slightly yet again, and players find it difficult to believe that base oil levels can fall further, with all other petroleum products and crude prices static to bullish. The flurry of activity last week subsided as quickly as it appeared and has not taken up any of the excess from the market.
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SSY Base Oil Shipping Report
We have noticed a distinct tightening of space on several key trade lanes, particularly from the U.S. Gulf and Northwest Europe into Asia, and we feel this is affecting other routes such as transatlantic and several of the inter-Americas services. Taking it one step further, all this additional tonnage ending up in Asia and the Indian Ocean could prompt a rate war on outbound business from Asia.
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