Valvoline on the Block?
The lubricants industry was abuzz after a New York Post
article Friday reported Ashland began shopping its Valvoline division to pay
down debt, and speculated it could fetch as much as $1 billion.
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Moscow Mulls Mixed Outlook
Russian blenders have
good opportunities to export because the global demand for Russian lubricants
is rising, according to a consultancy’s presentation at a lubricant industry
event last week in Moscow. The question is whether blenders can take advantage
of that trend when Russian lubricant output volumes are tumbling down due to
the economic downturn.
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Buongiorno Gazprom, Ciao Chevron
Russian energy giant JSC Gazprom Neft announced last week the purchase from Chevron of a lubricant blending plant in Bari, Italy. The acquisition is Gazprom’s first lubricant asset in Western Europe.
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Afton Up, SK Down
Afton Chemical posted a record $50.1 million operating
profit for the quarter ending March 31, up 33 percent from $37.7 million in the year-ago period. SK Energy’s lubricants division saw an operating loss of 7.7 billion South Korean won (U.S. $5.7 million) in the first quarter, down from a 24.3 billion won ($18 million) profit in 2008’s first quarter.
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Refiners Eye Russian Market
Turkmenistan’s national oil company plans an expansion and upgrade, doubling capacity at the country’s only base oil plant to 160,000 tons per year of API Groups II and III base stocks targeted at Russia’s lubricant market.
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U.S. Base Oil Price Report
‘Quiet but steady’ characterizes the U.S. base oils market as it heads into end of April. There have been no recent posted price movements, and the supply/demand scenario is largely balanced.
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Europe-MidEast-Africa Base Oil Price Report
Talking with a number of suppliers and receivers this week, it would appear that for once both sides of the market are satisfied as to availabilities and prices. API Group I solvent neutrals continue in the range of $425 to $485 per metric ton, FOB mainland European ports.
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SSY Base Oil Shipping Report
The firmness in freights to Asia has to be contrasted with the softness in rates back out of Asia. Inbound Asian rates appear to have peaked, and whilst outbound Asian rates have lost some $10 per ton this week, we would hesitate to say that those rates will not fall further. All other global routes had a miserable week.
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