Austrian oil company OMV reached an agreement last Friday for the sale of its Turkish fuel and lubricant supply and distribution company OMV Petrol Ofisi to VIP Turkey Enerji A.S., a subsidiary of Vitol Investment Partnership Ltd. The total purchase price of the transaction amounts to EUR 1.368 billion.
NOLN Issues Its 2017 Tops in the Industry Rankings
The National Oil & Lube News has issued its 2017 Tops in the Industry Rankings, which ranks the largest U.S. Fast Lube and Lube+ Chains Operating in 2017, the Top Associated Chains, the top International Fast Lube Chains and the top Truck Lube Chains. [FULL STORY]
Lubrizol Loses $365 Million from Oilfield Business
Berkshire Hathaway disclosed in its recent annual report that results at Lubrizol included pretax losses of $365 million last year related to the disposition in the fourth quarter of an "underperforming business. The business was Lubrizols Oilfield Solutions unit.
Hascol to Establish Wholly Owned Lubricant Subsidiary
Pakistan's Hascol Petroleum Limited has announced that it will set up its wholly-owned subsidiary Hascol Lubricant Limited at the cost of US$ 20 million. The subsidiary will operate the Hascol Lube Blending and Grease Plant, to be set up within the next two years, that will produce various brands of lubricants.
PDVSA and AFALUB Partner to Increase Lubricant Production
Venezuela's Lubricant Manufacturers Association, La Asociación de Fabricantes de Lubricantes de Venezuela (Afalub) and state oil company Petroleos de Venezuela (PDVSA) signed an agreement Thursday February 16, 2017 to increase production of lubricants in the country.
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