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<br /> January 2012<br /> EUROPE<br /> MIDDLE EAST<br /> AFRICA<br /> Number 31<br /> Changes Loom for<br /> Off-road Segment<br /> Pressure Mounts<br /> on Lubes R&D<br /> In an uncertain<br /> ocean of supply,<br /> we’re in calm waters.<br /> Ergon.Global.<br /> Cries of oil shortages come and go, but not from our customers.<br /> Ergon Refining draws from decades of accessible, approved<br /> naphthenic crude reserves. While we continue to search for<br /> more today, tomorrow looks more promising than ever.<br /> ergonlubes.com | 601-933-3000 (+1 outside US)<br /> ergoneurope.com | + 32 2 351 23 75<br /> PUBLISHER’S LETTER<br /> Will GTL Upstage the Competition?<br /> Given the results of Shell’s fuel<br /> economy tests of heavy-duty engine<br /> oils formulated with gas-to-liquids<br /> base stocks, it’s fair to expect a warmly<br /> competitive lube market to get even<br /> hotter in 2012.<br /> Last year Shell and Qatar Petroleum<br /> i<a title="2012_01 - January 2012 - EMEA page 1" href="http://viewer.zmags.com/publication/73c8f068?page=1"> January 2012 EUROPE MIDDLE EAST AFRICA Number 31 </a> <a title="2012_01 - January 2012 - EMEA page 2" href="http://viewer.zmags.com/publication/73c8f068?page=2"> In an uncertain ocean of supply, we’re in calm wa</a> <a title="2012_01 - January 2012 - EMEA page 3" href="http://viewer.zmags.com/publication/73c8f068?page=3"> PUBLISHER’S LETTER Will GTL Upstage the Com</a> <a title="2012_01 - January 2012 - EMEA page 4" href="http://viewer.zmags.com/publication/73c8f068?page=4"> Cover © Rafa Irusta - Fotolia.com January 2012 </a> <a title="2012_01 - January 2012 - EMEA page 5" href="http://viewer.zmags.com/publication/73c8f068?page=5"> MORE ACCESSIBLE MORE INFORMATIVE MORE INCLUSIVE w</a> <a title="2012_01 - January 2012 - EMEA page 6" href="http://viewer.zmags.com/publication/73c8f068?page=6"> BASE OIL REPORT Tale of a Cursed Shipment </a> <a title="2012_01 - January 2012 - EMEA page 7" href="http://viewer.zmags.com/publication/73c8f068?page=7"> FOCUSING ON SOLUTIONS. FOR A WORLD IN MOTION. NE</a> <a title="2012_01 - January 2012 - EMEA page 8" href="http://viewer.zmags.com/publication/73c8f068?page=8"> BASE OIL REPORT the process to the refinery. Sin</a> <a title="2012_01 - January 2012 - EMEA page 9" href="http://viewer.zmags.com/publication/73c8f068?page=9"> If you can imagine it, we'll help you lubricate i</a> <a title="2012_01 - January 2012 - EMEA page 10" href="http://viewer.zmags.com/publication/73c8f068?page=10"> TRANSPORTATION TRENDS </a> <a title="2012_01 - January 2012 - EMEA page 11" href="http://viewer.zmags.com/publication/73c8f068?page=11"> </a> <a title="2012_01 - January 2012 - EMEA page 12" href="http://viewer.zmags.com/publication/73c8f068?page=12"> TRANSPORTATION TRENDS We distribute for y</a> <a title="2012_01 - January 2012 - EMEA page 13" href="http://viewer.zmags.com/publication/73c8f068?page=13"> In a world of what ifs… </a> <a title="2012_01 - January 2012 - EMEA page 14" href="http://viewer.zmags.com/publication/73c8f068?page=14"> MARKETING MATTERS </a> <a title="2012_01 - January 2012 - EMEA page 15" href="http://viewer.zmags.com/publication/73c8f068?page=15"> As shown in the graph, construc- tion will b</a> <a title="2012_01 - January 2012 - EMEA page 16" href="http://viewer.zmags.com/publication/73c8f068?page=16"> SHIPPERS ENCOUNTER ROUGH WATERS Middle East Base </a> <a title="2012_01 - January 2012 - EMEA page 17" href="http://viewer.zmags.com/publication/73c8f068?page=17"> Tankers BV in an address to the ICIS Base Oil and</a> <a title="2012_01 - January 2012 - EMEA page 18" href="http://viewer.zmags.com/publication/73c8f068?page=18"> a cost risk for base oil producers. 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