Thursday, 8 May 2014

Lube Report 23 April 2014

April 23, 2014
Volume 14 Issue 17

Lube Report

Finnish rerefiner L&T Recoil Oy and parent company EcoStream Ltd. filed for bankruptcy at the end of March, a former company official confirmed to Lube Report, and an estate administrator is seeking buyers for assets that include a rerefinery in Hamina, Finland.

Base oil capacity in the United States totaled 241,500 barrels per day on Jan. 1, compared to 217,300 b/d a year earlier, according to American Fuel & Petrochemical Manufacturers’ 2014 Lubricating Oil and Wax Capacities Report.

The National Lubricating Grease Institute has initiated legal action against a scam group claiming they’ve been hired to help members book hotel rooms for NLGI’s annual meeting.

SI Group signed a deal to acquire Albemarle’s antioxidants, ibuprofen and related business and assets, including a lubricant antioxidants line. Terms were not disclosed.

Toronto-based investment firm Aumento Capital IV Corp. entered into an agreement to purchase aspiring rerefiner VeroLube’s assets for an undisclosed amount.

The California Senate gutted a bill this week that would have required use of motor oils with at least 25 percent “biosynthetic” content starting in 2017.  The U.S. federal court of Charleston, S.C., reduced former Delfin Group USA president Markos Baghdasarian’s prison sentence for exporting lubricants to Iran from three years to two years.

Base Oil Reports

U.S. Base Oil Price Report

Most naphthenic base oils are in tight supply as a carry-over of weather-related output problems during the first quarter, coupled with brief shutdowns at Calumet’s and San Joaquin’s plants and the recent extended turnaround at Cross Oil’s facility.–by Gabriela Wheeler

EMEA Base Oil Price Report

Despite a positive mood throughout EMEA markets, some buyers are refusing price increments, saying a revival of Russian and Belarus supplies next month will mend the current shortage.–by Ray Masson

SSY Base Oil Shipping Report

Adrian Brown is away this week.