Neste and Bapco Renew Group III Base Oil Agreement
Neste and Bapco have signed a new commercial agreement that secures Neste a significant share of the output of the Bapco base oils joint venture plant. Neste continues to hold a 45% share of the JV manufacturing plant, while Bapco and OGHC own a total of 55% shares.
Total Italy Divests Fuels Assets; to Focus on Lubricants
Total and Erg have agreed to sell their fuel marketing and refining assets in the TotalErg joint venture (Erg 51%, Total 49%) to Italian Group API. Total is focusing on its lubricants business in Italy by buying out Erg’s 51% stake in the lubricants activities of the joint venture.
Valvoline Fiscal 4Q Income Up, Calumet Delays 3Q Earnings Reporting
Valvoline Inc. last Wednesday reported that fourth-quarter net income was $105 million, compared to $65 million in the prior year. Calumet was scheduled to report its third quarter financial results last Friday but announced that it will file a notification of late filing with the SEC.
Singapore Cuts Future Growth Rate of Cars and Motorcycles to Zero
The Singapore government entity Land Transport Authority announced that it will reduce the annual growth rate for all cars and motorcycles to zero from 0.25% starting in February 2018. Due to land constraints, there is limited scope for further expansion of the road network.