Chevron Pulls Out of Indian Lube Market
An article in this morning's (India's) The Economic Times reports that Chevron has decided to pull out of the lubricants business in India. Chevron Global Lubricants will stop selling it’s Chevron and Caltex global brands in India next month and has reportedly informed its dealers and distributors of its decision and has stopped selling any further products.
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Rhein Chemie Opens New Qingdao Industrial Lube Additives Production Facility
Rhein Chemie LOA (Qingdao) Ltd. has officially opened its new production facility for lubricant additives in Qingdao, China. In Qingdao, Rhein Chemie manufactures customized additive formulations for industrial lubricants under the brand name Additin (registered trademark). The Rhein Chemie additives are used in metalworking fluids, corrosion inhibitors, greases, and hydraulic, industrial gear, turbine and compressor oils.
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SK Energy's Shareholders Approve Lube Division Spinoff
According to Korea's Yonhap News Agency, SK Energy Co., said last Friday that its shareholders have approved the company's plan to spin off its lubricant division. The envisioned company, to be wholly owned by SK Energy, is tentatively named SK Lubricants and will be launched on October 1, SK Energy said in a statement. This past July, SK Energy's board of directors announced it had approved the spin off its lubricant division.
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Kline & Co. Announces Its Blog
In the past few months, several of Kline & Company's top experts have started sharing their thoughts and reflections on the latest issues and challenges in industries such as Energy, Consumer Products, Chemicals, Agriculture/Specialty Pesticides, and Healthcare. Through the firm's blog, they’ll keep you in the loop on the latest news and events at Kline & Company and help you keep track of the industries they serve.
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Nigeria to Restrict Firms Importing Lubricants
According to a Reuters report Nigeria's petroleum ministry said last Wednesday that only licensed energy firms would be allowed to import certain oil products in a bid to halt sales of substandard lubricants. Petroleum Minister Rilwanu Lukman said unapproved businesses that sell motor oil and other lubricants must cease operations beginning January 1, 2010.
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Mobilgear SHC XMP 320 Approved for Second-Fill in Winergy Gearboxes Used in GE 1.5 MW Turbines
ExxonMobil announced last week that its Mobilgear SHC XMP 320 synthetic gearbox oil has received approval for second-fill applications in Winergy gearboxes featured in GE 1.5 MW turbines. Currently used in more than 25,000 wind turbines worldwide, Mobilgear SHC XMP 320 has also passed second-fill approvals to be used in Bosch-Rexroth and Moventas gearboxes used in GE 1.5 MW turbines that are under warranty.
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Eastern Hemisphere Lube Base Oil Price Report
Crude oil prices traded in the US$68-73 per barrel range last week, with light sweet crude oil closing at US$69.29 per barrel on the New York Mercantile Exchange last Friday. Globally lube base oil prices are on firm footing, increasing ever so slightly by an average of US$10 per MT, in a range of US$5 to US$20 per MT.
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