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Management Led by COO Sydney Thwaites Acquires Lubricating Specialties Company
Lubricating Specialties Company (LSC) recently announced that management led by Sydney Thwaites, the company's COO, along with Vintage Capital Partners II, L.P. has acquired full ownership of Lubricating Specialties Company, headquartered in Pico Rivera, California. With the new ownership, Thwaites is now the President and CEO.
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BP Energy Outlook 2035 Shows Global Energy Demand Growth Slowing
BP last Wednesday published its BP Energy Outlook 2035, in which it said global energy demand continues to grow but is slowing. Oil is expected to be the slowest growing of the major fuels to 2035, with demand growing at an average of just 0.8% a year, while natural gas is expected to be the fastest growing of the fossil fuels with demand rising at an average of 1.9% a year.
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Idemitsu Lube Vietnam Announces Start-up of New Lubricant Plant
Japans Idemitsu Kosan opened a lubricant manufacturing and sales company in Haiphong City, Vietnam to produce engine oil for motorcycles and automobiles as well as general industrial lubricants. The new Idemitsu Lube Vietnam's lubricant blending facility has a manufacturing capacity of approximately 35 million litres of lubricants a year.
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Auto Future Tech Appointed as Castrols Exclusive Distributor in Qatar
Castrol has appointed Doha-based Auto Future Tech as the exclusive distributor for Castrol automotive products in Qatar. Under the agreement Auto Future Tech will distribute Castrol Edge, Castrol Magnatec, Castrol GTX and other Castrol products across high street lubricant outlets, independent workshops, and automotive franchise workshop accounts.
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Egyptian Auto OEM GB Auto Signs Exclusive Lube Distributorship Deal with Gazprom Neft
Egyptian car assembler GB Auto has agreed to an exclusive local distributorship deal with Gazprom Neft, the oil-producing arm of Russia's Gazprom, to expand into Egypt's lubricants market, it said last Wednesday. GB Auto said it was planning to roll out Gazpromneft-branded products through its own distribution network as well as third-party distributors.
[FULL STORY]
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Pettit Oil Company Closes Its Doors
Lakewood, WA-based fuel and lubricant distributor Pettit Oil Company closed its doors abruptly last Friday, leaving a recorded message on its corporate phones that it is closed and is no longer in business. The closure follows an attempt by the petroleum distributor to reorganize under Chapter 11 bankruptcy protection in late November.
[FULL STORY]
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