Fuchs: 2009 Saw Double-digit Decline
How did the global lubricants industry fare in 2009? Based on preliminary year-end data, Germany's Fuchs Petrolub AG is projecting that global lubricant demand suffered a painful double-digit decline, in the range of 12 percent to 13 percent worldwide.
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Chevron to Downsize Downstream
Chevron has confirmed it is restructuring its global downstream business, though it has not yet disclosed whether or how the plans will impact its base oil or lubricants operations.
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Fresh Face for Kunlun Lubes
Branding agency The Brand Union received a three-year contract to design packaging for PetroChina Lubricant Co.’s Kunlun brand lubricants, aiming to unify its 12 sub-brands under one compelling and consistent brand identity.
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Valvoline Profits Rise, SK’s Dip
For the quarter ending Dec. 31, lubricant blender Valvoline reported a hefty increase in operating income and increased sales compared to the year-earlier period. South Korean base oil refiner SK Energy’s lubricants division reported a drop in quarterly and full year operating profit.
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SKF Establishes Center on Tribology
SKF has signed a five-year contract with Imperial College London’s Department of Mechanical Engineering to set up the SKF University Technology Center on Tribology.
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Central Penn Oil Expands in N.Y.
Lubricants distributor Central Penn Oil is expanding its Elmira Heights, N.Y. location, adding bulk storage in a 33,000 square foot warehouse and extending its distribution area further into the state of New York.
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U.S. Base Oil Price Report
The U.S. base oil market appears to be in a holding pattern, with little change in buyers’ consumption levels or supply issues. Sources say this month’s paraffinic price hikes, of 5 cents to 35 cents per gallon, are sticking.
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Europe-MidEast-Africa Base Oil Price Report
Underlying crude and feedstock markets have taken another downward plunge, due to many factors such as a strong U.S. dollar and Mr. Obama’s attitude to banks. But more important, global demand does not appear to be forthcoming. The more crude and feed stocks see-saw, the less likely it is that base oil prices will follow.
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SSY Base Oil Shipping Report
European markets have recorded a substantial increase in cargo volumes over the past week. Asia is so far coping with the influx of tonnage, which means rates have perhaps stopped rising. The Americas presents a more sedate picture.
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