UK-based Croda International has received approval from the Chinese government to buy a 65% stake in Sichuan Sipo Chemical Co. Ltd, a specialty chemical manufacturer of environmentally friendly lubricants, based in Mianyang City, Sichuan Province, China. The transaction is valued at £38.2 million (US$58.7 million).

Afton Chemical continued its strong performance in the second quarter of this year with operating profit of $97.8 million, an improvement over second quarter operating profit last year of $96.9 million. Sales for this year’s second quarter were $581.3 million compared to sales for the same period last year of $584.2 million, with shipments up one percent.

The major integrated oil companies reported second quarter and first six months earnings last week, and they weren't good. Both ExxonMobil's and Shell's second quarter net income fell 57 percent, BP's second quarter income (underlying replacement cost profit) fell 25 percent, Chevron's profit fell 25 percent and Phillips 66's earnings fell 20 percent.

Mannheim, Germany-based Fuchs FUCHS PETROLUB AG last Friday reported an increase in its fiscal 2013 first half profit, even as sales were essentially the same when compared to the similar period last year. For the first half of 2013, the company's profit after tax increased 5.7 percent to EUR 107.6 million from EUR 101.8 million in the prior year period.

World demand for lubricants is expected to increase 2.3 percent per year to 43.9 million metric tons in 2017. The fastest growth will be in Asia with above average increases also to occur in South America, the Middle East, and Africa. In contrast, demand will remain nearly flat in the developed countries of North America and Western Europe.

Metalworking fluids manufacturer QualiChem has completed a major expansion of its headquarters, laboratory and manufacturing facilities in Salem, VA, increasing its facilities’ total square footage by 70 percent. The company’s Metalworking Fluids Division offers cutting and grinding fluids, straight oils, rust preventives, and metal cleaners.

• PBF Energy Reports 2Q13 Adjusted Net Income of $71.5 Million, Compared to $336.2 Million for 2Q12
• Cross Oil Increased Its Pale Oil Prices by 15 - 20 CPG Effective August 1
• Quaker Chemical Corporation Posts 2Q13 Net Sales of $184.8 Million, Up 5%, and Excellent Earnings Compared to 2Q12
• Chemtura Reports 2Q13 Net Sales of $735 Million, Down 1% and Net Earnings of $47 Million, Down 11%, Compared to 2Q12
• Wang Dongjin Named PetroChina President