MOSCOW (MRC) -- Chevron Lummus Global LLC (CLG) announced a recent contract award from Petroleo Brasileiro S.A. (Petrobras) for a new 12,580 BPD hydroisodewaxing (HIDW) unit at the GasLub Hub, a lubricant plant in Itaborai, Rio de Janeiro state, Brazil. Chevron Lummus Global's scope includes the technology license, basic design engineering, and research unit testing services, said the company.
Employing CLG's ISODEWAXING and ISOFINISHING technologies, the unit will produce a wide viscosity range of premium API Group II/ II+ lubricating base oil grades for the first time in Brazil and South America. The addition of this unit is expected to bring significant benefits to the region by minimizing existing dependence on imported base oils, which is part of Petrobras' strategy to produce higher value-added and quality products to better serve the market.
Decades of dedicated research and development have made Chevron Lummus Global the most trusted technology provider for premium base oils. Since Chevron's invention of ISODEWAXING technology in 1993, CLG lube base oil technologies have provided operators worldwide with enhanced performance, profitability and optimum utilization of existing assets.
We remind, Chevron Corp. posted a record USD36.5 bn profit for 2022 that was more than double year-earlier earnings but fell shy of Wall Street estimates, undercut by an asset writedowns and a retreat in oil and gas prices. The second largest U.S. oil producer's adjusted net profit for 2022 beat by about USD10 billion its previous record set in 2011. But USD1.1 B in writedowns in its international oil and gas operations in the fourth quarter left earnings short of forecasts for adjusted net profit of USD37.2 B.