Chevron to Cut 2,000 Downstream Jobs
Chevron yesterday outlined plans to whittle its downstream business, including eliminating 2,000 jobs this year and soliciting bids for some of its European operations.
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’09 Base Oil Output Plunged 12%
U.S. refiners cranked out just under 30 million barrels of base oils in the second half of 2009, a marked improvement over the 25 million barrels produced in the year's first half, but still the weakest showing since the early 1990s.
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Polartech Acquisition Boosts Afton
Afton Chemical has acquired metalworking fluid additives supplier
Polartech, including manufacturing sites in the key markets of India and China.
Financial terms of the transaction were not disclosed.
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Europe's Group I ‘Ripe for Contraction’
API Group I base oil supply in Western Europe is ripe for further contraction, but if a Group I plant can survive the next five years, it should see a modest upturn in demand after 2013, Kline & Co. predicts.
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4Q: Quaker Rebounds, Holly Slumps
Strong steel industry demand in key countries boosted Quaker Chemical’s net income in 2009’s fourth quarter, while reduced refinery gross margins depressed refiner Holly’s net income, compared to the year-ago quarter.
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Cognis, Oxea Increase Prices
Cognis raised prices on its Synative line of synthetic lubricant components, and Oxea boosted prices for a variety of carboxylic acids used in production of lubricants.
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U.S. Base Oil Price Report
The U.S. base oil market received news of price increases this week. Flint Hills Resources and Motiva were the first producers to step out, raising posted prices between 10 cents and 23 cents per gallon.
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Europe-MidEast-Africa Base Oil Price Report
There are many noises of increases up to $100 per ton throughout the EMEA base oil market this week, but without posted prices in this region, these price rises will only be evidenced when base stocks are actually purchased at new higher levels.
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SSY Base Oil Shipping Report
There is still a lot of cargo being generated globally, but rather alarmingly not much that requires April shipment. It may be due to new pricing for the second quarter, for which discussions will only commence at the end of March.
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