Idemitsu Develops High-Performance PAO Providing Properties Not Realizable With Conventional PAOs
Idemitsu Kosan has developed high-performance Poly Alpha Olefin, a product featuring outstanding low-temperature fluidity and low volatility using its unique metallocene catalyst technology that provides properties not realizable with conventional PAOs. Sales will be launched in the first half of FY2010 to meet calls from major lubricant manufacturers around the world for early supply.
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Lubrizol's 3Q Profit Nearly Triples to $170.5 Million; Increases Full-Year Earnings Guidance
Further our report in last week's OEM/Lube News 'Lubrizol Expects to Nearly Triple Earnings for 3Q 2009', Lubrizol last Thursday announced that consolidated earnings for the third quarter ended September 30, 2009 , were $170.5 million, including after-tax restructuring and impairment charges of $3.9 million. Comparable earnings for the third quarter of 2008 were $63.2 million, which included after-tax restructuring and impairment charges of $3.8 million.
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Petromin's New 250,000 tpa Lube Blending Plant to Go On Stream by Mid-2010
Saudi Arabia's Petromin has announced that its new SR100 (US$26.67) million blending plant will go on stream in the second quarter of 2010, an upgrade to its existing Jeddah blending plant, further boosting its annual production capacity. Petromin's new manufacturing plant at Saudi Aramco Industrial Zone in Jeddah is designed to produce 250,000 tons of lube oils annually.
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Chrysler to Eliminate Many Models and Introduce Fiat and Alfa Romeo Models to U.S. Market
Chrysler Group LLC is expected to announce massive changes to its brands involving the introduction of vehicles from Italian partner Fiat SpA while eliminating many of the U.S. car maker's own models. The plan, due to be announced by Chrysler this coming Wednesday involves the return of Fiat's premium, sporty Alfa Romeo brand to the U.S. starting in 2012. Chrysler also will introduce to Americans the 500, Fiat's tiny car that is popular in Europe.
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Major Oil Company 3Q Profits Fall
Most major integrated oil companies, including ExxonMobil, Chevron, Royal Dutch Shell, BP, and ConocoPhillips reported third quarter 2009 earnings this past week, and they weren't particularly good, at least not compared to the third quarter of last year. The plunge in crude oil prices over the past year from its height of $147 per barrel in mid 2008 is the primary reason for the year-over-year declines in oil profits, which should be no surprise to anyone.
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Valvoline's Quarterly Profit Increases Significantly
Valvoline's sales and operating revenue for the quarter ending September 2009 was $414 million, 9 percent below the same quarter 2008. While total lubricant volume decreased by 3 percent versus the prior-year quarter, U.S.-branded lubricants volume increased 3 percent. Overall, Valvoline's quarterly EBITDA was $79 million, as compared with $22 million in the year-ago quarter.
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Whitmore Names New President & CEO
The Whitmore Manufacturing Company announced last week that Jeff Peterson, a director of the company, and vice president of Capital Southwest Corporation, Whitmore's principal shareholder, will join the company as president and chief executive officer effective November 30, 2009. Peterson replaces Ray Schwertner, who will become vice president of operations at Capital Southwest effective November 30.
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Global Synthetic Lubricants 2010: Market Analysis and Opportunities
Kline & Company has announced a new study from its Energy practice, Global Synthetic Lubricants 2010: Market Analysis and Opportunities. This is a comprehensive global analysis of the synthetic lubricants business focusing on changes, challenges, and business opportunities.
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Saudi Aramco Switches From WTI to Argus Sour Crude Index for US Deliveries
Last week Saudi Aramco announced that it will no longer use WTI crude prices and will begin using the Argus Sour Crude Index (ASCI) published by Argus Media as the benchmark price for all grades of crude oil sold to US customers. Saudi Aramco has used WTI crude prices published by McGraw Hill's Platts as the benchmark for crude sales to the US since 1994. The new policy will be in effect for January sales to the US.
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