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China's Largest Petroleum Additive Company Founded
A joint venture petroleum additive company between China and the United States, the largest of its kind in the country, was inaugurated in Lanzhou, capital city of northwest China's Gansu Province Thursday.
The company, named the Lanzhou Lubrizol Refining Additive Co., Ltd. was built on the basis of the Lanzhou Refinery after the US-based Lubrizol Co. invested 240 million yuan (28.9 million US dollars) in technological upgrading.
The venture expanded the production scale of the old equipment and upgraded it with advanced technology from the Lubrizol Co.. It has also imported technology for making seven new petroleum-based compound agents.
The firm has a designed annual output of 70,000 tons. Operation of the new venture is expected to help improve the quality of China's compound additives.
To date, China's petroleum additive industry is small in scale, poor in quality and scarce in variety. China's combined output of petroleum additives only accounts for 1.5 percent of the world's total, though the country has a production history spanning four decades.
The Lubrizol Corporation is the world's largest additive supplier which occupies one-third of the world market.
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