SCOTTSDALE, Ariz., March 29, 2011 (GLOBE NEWSWIRE) -- Global lubricant demand is forecast to reach 40.5 million metric tons in 2012. Gains will be strongest in the Asia/Pacific, Africa/Mideast and Latin American regions due to ongoing rapid industrialization and rising car ownership rates. The global lubricant market is estimated at $48.8 billion
Green Planet Group (OTCBB:GNPG) believes investors are bullish on lubricant companies since Berkshire Hathaway's recent acquisition of Lubrizol for $9 billion in cash. This acquisition will go on record as one of the largest in Berkshire's history. Lubrizol makes fuel additives for gasoline and diesel as well as other products in the transportation sector.
"Basically, all your growth in petroleum additives is going to come from emerging markets," stated Davenport Research analyst Todd Vencil.Green Planet's wholly owned subsidiary Xentx Lubricants has also been developing high tech fuel additives that improve fuel economy and reduce emissions which have experienced a very slow acceptance by the market. "Now that one of the world's leading investors has purchased a fuel additive company, we expect that this acquisition will help the market to grow immensely," stated Edmond Lonergan, President/CEO of Green Planet. "This will help expand the market and increase our revenues. In addition, it's rewarding to realize that major investors now see the potential of this market." "The fact that demand in the lubricant business is skyrocketing brings confidence to our investors as they realize the explosive potential in Xentx and our line of Synergyn lubricants along with our strong relationships and growing partnerships in China," states Ed Lonergan, President/CEO. In addition, this new emphasis and expected growth of the fuel additive market has persuaded four Green Planet investors to convert their $265,000 of debt to restricted common stock. The impact of the conversions significantly improves the Company's Balance Sheet.