Shell Announces Lube Price Increase
Shell Oil Products US announced on May 10, 2010 it will implement a price increase on select products of up to 8% with an effective date of June 28, 2010. SOPUS stated that prices for specific products may change in amounts that fall outside of this general increase. This follows announcements the past couple weeks by several independent lubricant manufacturers, as well as Shell's price increase earlier this year.
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KL Kepong Bhd. to Buy Uniqema GmbH From Croda
Kuala Lumpur Kepong Berhad said last Monday it has proposed to buy Uniqema Gmbh of Germany from Croda International Plc for €60.5 million. It said the acquisition would involve certain business assets directly used in or for the business carried out by Uniqema at its oleochemical site at Emmerich, Germany.
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SK Lubricants to Build 80,000 MT/Yr Plant in Tianjin, China
South Korea's SK Lubricants recently announced that it has received approval from its board of directors to begin construction on its lubricating oil plant in China. The plant, to be built in Tianjin Free Trade Zone, will begin construction in July and commence operation at the end of 2011 with a designed capacity of 80,000 tons annually. The Tianjin plant will be a key base for SK Lubricants' global expansion.
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Smitty's Supply to Build New Grease Plant
Smitty’s Supply, Inc., Roseland, LA, a leading U.S. manufacturer of finished lubricants and related products, is completing assembly of their new 20,000 sq ft grease plant, expected to be operational in June. The first phase capacity will be 36,000 lbs per day. Smitty’s packages and distributes grease worldwide under their Super S and SureGuard brands, as well as packaging for private label customers.
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Aegean Marine Petroleum Acquires Shell’s Canary Islands Terminal and Lube Plant
Global marine fuels supplier Aegean Marine Petroleum Network, headquartered in Greece, announced it has acquired Shell’s Las Palmas terminal in the Canary Islands. The terminal includes a lubricants plant, in-land storage facilities totaling 65,000 cubic meters, as well as on-site blending facilities to sell various grades of fuel oils and distillates. The acquisition is expected to close by the end of July.
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Asia Pacific Base Oil Market on the Move Again
A much awaited movement was seen in the Asian region this past week. In SEA, the reaction towards the recent ExxonMobil Singapore price hike, which took effect on 12 May 2010, was rather slower-than-expected. Only after 2 weeks from ExxonMobil’s announcement on 27 April 2010, the prices started to move up.
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Eastern Hemisphere Lube Base Oil Price Report
After falling from the mid-$80 per barrel the previous week, crude oil prices continued its fall this past week, having traded in a range of US$76-71 per barrel, with light sweet crude oil closing at US$71.61 per barrel on the New York Mercantile Exchange last Friday. Eastern hemisphere lube base oil prices continue to increase but are meeting resistance.
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