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Insights on the Automotive Lubricants Global Market to 2026 - Featuring BP, Chevron and Petrobras Among Others
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Insights on the Automotive Lubricants Global Market to 2026 - Featuring BP, Chevron and Petrobras Among Others
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Base Oil Industry Outlook Shows 7% Growth Rate Due To The Automotive Sector As A Major Driver
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SK Innovation s Ulsan refining complex in Korea
SK Innovation Co., South Korea s leading electric vehicle battery maker, is on course to raise more than 5 trillion won ($4.5 billion) this year from asset sales, which will likely accelerate its transformation into an eco-friendly company.
Following the $2 billion settlement under which it is paying 500 billion won each this year and next on top of royalty payment to LG, SK Innovation cashed in 2.45 trillion won worth of shares in two units SK IE Technology Co. and SK Lubricants Co. Additionally, it expects to receive 1.25 trillion won from the sale of its stakes in two gas fields in Peru to Argentina s oil company Pluspetrol this year.
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The Global Base Oil Market was valued at USD 36.55 billion in 2019 and is estimated to garner USD 41.65 billion by 2030, expanding at a CAGR of 1.1% during the forecast period, from 2020 to 2030. The volumetric turn-over of the global base oil market was 41,907.3 kilotons in 2019 and is expected to reach 48,879.3 kilotons by 2030, at a CAGR of 1.3% during the forecast period, from 2020 to 2030.
Base oil is a refined petroleum product obtained from heavy hydrocarbons by refining crude oil at extreme temperature ranges. It is extensively employed in a wide range of applications such as manufacturing automotive oil, industrial oil, metalworking fluids and lubricating greases, and other lubricant base stock. The quality standards of base oil majorly depend on parameters such as viscosity, oxidation, vitality, consistency, compatibility, pour point, seal additive, solubilit