BASF and PETRONAS Chemicals Group Berhad announced last Tuesday it will build a new world-scale 50,000 tpa production plant for highly reactive polyisobutene (HR-PIB) at the site of their existing joint venture, BASF PETRONAS Chemicals Sdn Bhd, in Kuantan, Malaysia.

SK Innovation said last Thursday it has scrapped its IPO offering for SK Lubricants because its financial health has improved; both 2Q 2015 operating profit and net income were up considerably. Last month, SK Innovation also announced that it has halted the negotiation process for SK Lubricants’ stake sale.

Modrica, part of the Moscow, Russia-based Zarubezhneft Group of companies. announced that on July 10, 2015, it inaugurated a new Euro 13 (USD14.2) million lubricant blending complex at the Modrica Motor Oil Plant in Republic of Srpska (Bosnia and Herzegovina).

Accounting for 40% of the global market, Asia-Pacific is the leading region for finished lubricant demand. China and Malaysia account for about 45% of regional demand. Emphasis on fuel economy and a modern vehicle parc will drive the use of synthetics and other lighter viscosity grade lubricants for PCMO in the region.

Globally, North America ranks second behind Asia-Pacific in terms of overall finished lubricant demand, with the US accounting for over 84% of the total North America demand in 2014. Canada follows accounting for about 9% and Mexico accounting for 7% of the total North America demand in 2014.

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