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Monday, February 4, 2013   VOLUME 9 ISSUE 5  
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Volvo to Become World’s Largest Heavy-Duty Truck Manufacturer

AB Volvo has signed an agreement with the Chinese vehicle manufacturer Dongfeng Motor Group Company Limited (DFG) to acquire 45% of a new subsidiary of DFG, Dongfeng Commercial Vehicles (DFCV), which will include the major part of DFG’s medium- and heavy-duty commercial vehicles business. At completion of the transaction, the Volvo Group will become the world’s largest manufacturer of heavy-duty trucks.


Chevron Lubricants Lanka to Build New $15 Million Lube Blending Plant

Chevron Lubricants Lanka, Sri Lanka’s largest lubricant industry player, will invest an estimated Rs 1.9 billion (USD 15 million) in the construction of a new state-of-the-art lubricant lubricant blending plant at Lindel Industrial Zone, Sapugaskanda. The construction of the new facility is a part of the company’s plan to relocate operations when the lease agreement with Ceylon Petroleum Storage Terminals Limited ends in July 2014.


Afton Chemical Posts Strong 4Q and FY 2012 Operating Profit

Afton Chemical had a record performance for the year 2012 with operating profit of $372.0 million, an improvement of slightly over 20 percent over last year’s operating profit of $309.6 million excluding the 2011 gain on the legal settlement. Operating profit for the fourth quarter of 2012 was $71.6 million, an improvement of nearly 21 percent over fourth quarter operating profit last year of $59.3 million.


Major Oil Companies Report Higher Earnings

Phillips 66, Shell, ExxonMobil and Chevron reported fourth-quarter and full year earnings last week. Fourth-quarter earnings in 2012 compared to fourth-quarter 2011 were Phillips 66 - $708 million and adjusted earnings of $1.3 billion vs. $2.0 billion and adjusted earnings of $379 million; Shell - earnings, on a CCS basis, were $7.3 billion vs. $6.5 billion; Chevron - $7.2 billion vs. $5.1 billion; and ExxonMobil - $9.95 billion vs. $9.4 billion.


Valvoline Posts Strong Earnings Increase

Valvoline last Tuesday reported strong results versus the year ago period, with higher earnings and a 13-percent volume increase within the international business. While overall sales increased 1 percent, to $481 million, earnings (EBITDA) rose 34 percent, to $75 million. EBITDA as a percent of sales was 15.6 percent, an increase of 380 basis points versus the year ago quarter


API Says Tests Show Major Damage from Use of E15 in Newer Vehicles

The American Petroleum Institute said last week that use of the ethanol gasoline blend E15 may endanger fuel systems in millions of 2001 and newer vehicles, citing newly completed research by the Coordinating Research Council, an organization created and supported by the oil and auto industries. The API said the fuel system failures could lead to vehicle breakdowns and that E15 could damage valve and valve seat engine parts:


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