Lubricating oil is composed of base oil and additives. The function and effectiveness of lubricating oil are determined by additives, and different additives give lubricating oil different properties. At present, the proportion of base oil in the lubricating oil sold in the market reaches 70% -99%, which determines the basic physical and chemical properties and certain characteristics of the lubricating oil. Although the content of additives is very small, it can play a key role in changing the existing performance of the lubricating oil and endowing it with new performance to meet the normal operation of mechanical equipment.

On August 27th, Pengpai News learned from China Petroleum and Chemical Corporation (Sinopec) that the China Russia Amur Natural Gas Chemical Complex Project (AGCC) has officially started construction and will become one of the world's largest polymer factories after completion. The project is jointly developed by Sinopec and Sibul Company in Russia, and Sinopec holds 40% of the shares in the project.

China and Russia to Jointly Develop Major Arctic Liquefied Natural Gas Project: CNOOC and CNPC to InvestThe cooperation between China and Russia on the world-class liquefied natural gas (LNG) project in the Arctic region is progressing rapidly. During the 23rd St. Petersburg International Economic Forum, the two major state-owned Chinese oil companies signed an equity purchase agreement for the Arctic LNG 2 project with Russia's largest independent natural gas producer. This comes just over 40 days after the two companies signed the cooperation framework agreement for the project.

In the 21st century, although the supply and demand of lubricating oil in the world have fluctuated, they have basically maintained stable growth. The overall global consumption of lubricating oil is facing difficulties in actual statistical work due to differences in sources and ranges. According to incomplete statistics, the global consumption of lubricating oil increased from 39.6 million tons to nearly 46.6 million tons from 2013 to 2018, with an average annual growth rate of 3.53%. In the demand for lubricating oil, automotive oil accounts for 54% and industrial oil accounts for 46%. The above statistics do not include marine oil. Currently, the global demand for marine lubricating oil is about 2.5 million tons/year, of which marine cylinder oil accounts for 50%, about 1.25 million tons/year, system oil accounts for 35%, about 875000 tons/year, and medium speed engine oil acco...

On April 11th Moscow time, China Petroleum Engineering Construction Co., Ltd. signed the EPC contract for the second section (non patented unit) of the Amur Natural Gas Processing Plant project in Russia, with a contract amount of 2.52 billion US dollars.

The implementation of strict atmospheric emission control standards by governments around the world will continue to be a key driving factor in the global lubricant additive market. According to a report by market research firm Grand View Research, the global demand for lubricant additives in 2015 was 4.28 million tons, and it is expected to reach 5.36 million tons by 2024, with a compound annual growth rate of 2.5% from 2016 to 2024. Calculated by market value, the market value in 2015 was 14.35 billion US dollars, and it will reach 18.85 billion US dollars by the end of 2024.