Substantial investments have been made in the past few years by the key players, such as Royal Dutch Shell plc, Chevron Corporation, Neste Oil, and Nynas AB, among others to address the growing demand for base oils in the European region. The key players operating in this market have been focusing on acquisitions and expansions to cater to the increasing demand for base oils in the market. Companies, such as Royal Dutch Shell plc, Neste Oil, and Nynas AB reported maximum number of developments in the European base oil market between 2011 and 2015. These companies have enhanced their production capacities to strengthen their foothold in the market.
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In 2014, Royal Dutch Shell plc, which is one of the leading players in the European base oil market, signed a joint venture agreement with Hyundai Oilbank to form Hyundai and Shell Base Oil Company. This joint venture led to the setting up base oil manufacturing facilities in Daesan, South Korea. The new plant has a production capacity of 3,000 barrels per day, or 650 KT of API Group II base oil per year. This joint venture has helped Shell to become a premium supplier of lubricants business in Asia. In 2014, Chevron Corporation also started its new production facility in Pascagoula, MS refinery (U.S.). The production capacity of this new plant is 1.25 mn t/yr. This expansion has helped the company cater to its customers in Latin America, Europe, and the U.S.
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Neste Oil, which is also one of the leading players in the European base oil market, has adopted various growth strategies, such as collaborations and joint ventures to strengthen its position in the market. In 2015, Neste Oil appointed Multisol Group as the Global European Distributor for premium grade Group III base oil. In 2011, the company signed a joint venture agreement with The Bahrain Petroleum Company B.S.C for manufacturing Group III base oil in Bahrain.
In 2015, Nynas AB, a manufacturer of bitumen products and naphthenic oil, signed a distribution agreement with Multisol Ltd. and Brenntag UK & Ireland. Under this agreement, Multisol Ltd. and Brenntag UK & Ireland will distribute base oils and naphthenic process oils produced by Nynas AB, in Ireland and the U.K. The distribution agreement is expected to help the company to increase its customer base in the European region. In 2014, the company started operations at its Harburg refinery in Germany. The production capacity of this plant is 350,000 t/yr of naphthenic base oil. This expansion has helped the company to increase its supply of naphthenic specialty oil by 40%.
In 2012, AVISTA OIL AG, which is a manufacturer and distributor of high-quality base oils and lubricants, acquired majority of the stakes of the Dutch North Refining and Trading N.V. This refinery produces 200,000 tons of waste oil per year, which is a feedstock for producing API Group I base oils. The expansion has helped the company to increase its API Group I base oil production in the European region.
The key players in the European base oil market are Royal Dutch Shell plc, Chevron Corporation, Neste Oil, AVISTA OIL AG, Nynas AB, and PETRONAS, among others.
