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Calumet Gives 1Q2016 Financial Guidance; Suspends Dividend, Market Cap Tanks
Calumet reported on April 15 that, based on preliminary data, it currently expects to report a net loss between $83.0 million and $59.0 million for the first quarter 2016. Calumet also said it suspended its quarterly cash distribution, saying it was part of a broader effort to maintain an adequate level of liquidity.
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Clariant Adds Phosphate Ester Capacity at Gendorf
Clariant has announced the start-up of additional capacity for Phosphate Esters (P-Esters) such as corrosion inhibitors and AW/EP additives under the trademark Hordaphos, at its plant in Gendorf, Germany, to extend existing production at its Knapsack facility.
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Shell Unveils Ultra Efficient 100 MPG Concept Car
Shell last Friday unveiled a concept city car which could deliver material reductions in energy use. The three seater car is tangible proof of energy efficiency improvements that can be achieved through a process of "co-engineering" whereby vehicle body, engine design and lubricants are all created together.
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Tide Water to Acquire UK-based Lubricant Maker
Kolkata, India-based Tide Water Oil Co. (India) Ltd, the maker of Veedol lubricants, last Wednesday concluded an agreement to acquire UK-based lubricant maker Price Thomas Holdings Ltd for £9.59 million (US$13.79 million, Rs.91.3 crore). For Tide Water, this is the first acquisition of a foreign manufacturing base, which will help it expand sales in Europe.
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Gulf Expected to be First International Fuel Brand in Mexico
Mexico's government enacted landmark legislation In 2014 which allows private and international investors to enter into joint ventures with Pemex, allowing for an opening of the market (imports) as of January 1, 2017, now just changed to April 2016. The first international fuel brand is expected to be Gulf Oil brand, as early as June.
[FULL STORY]
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Cargill Buys Back NatureWax from Elevance
Cargill announced last Tuesday it has re-acquired Woodridge, IL-based NatureWax, a provider of natural, vegetable-based waxes. Cargill owned NatureWax from its inception in the late 1990s until 2007. In 2007 it was sold to its current parent company, Elevance Renewable Sciences, Inc.
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