Published 09th January, 2014
Azmol, Ukraine's lubes maker has declared insolvency
One of the former Soviet Union's largest lubes producers, Azmol recently entered into an 'insolvency procedure', according to Lube Report's Boris Kamchev.
Over the final three Quarters of 2013, Azmol massively reduced its output by a reported 85% compared to the first three Quarters of 2012. The financial position also clearly proved unsustainable with a 79% year-on-year drop in profits and overall losses mounting to nearly $5m against 2012's figures, according to Kamchev.
The Ukranian operation began as far back as November 1937 as the Berdyansk Cracking Plant of Fuel Industry People's Commissariat. With the dismantling of the USSR, the Azmol open joint-stock company was formed in December 1994 to continue running the plant.