In October, UEIL, the European lubricants trade association, held its 54th annual congress in Budapest, offering a unique opportunity to players in the European and global lubricants industry to network and discuss latest developments.
Peter Vickers, chair and managing director of Vickers Oils and board member of UEIL commented:
“This year’s congress looked to the future of the lubricants industry, with the following aspects being of particular interest to me:
Recruitment and retention of young talent.
It was suggested that the lubricant industry’s contribution to social and environmental sustainability can make it an attractive career option to those who “want to make a difference in the world”.
The most striking message came from a young member of the industry who said that people are looking for a sense of engagement within their role, which is often created through a feeling of empowerment, the ability to apply one’s personal values and being given encouragement and scope to develop one’s skills.
Sustainability and Social Responsibility
UEIL is in the process of establishing a Task Force on sustainability, with the goal of defining what sustainability really means for the lubricants industry. The Task Force intend to make a formal proposal of relevant definitions and metrics to the UEIL board of directors in approximately 12 months.
This feels like an important initiative for the whole global lubricant industry, which needs to communicate and educate the social responsibility of lubricants in terms of energy efficiency (reduction of wasted energy), economic efficiency (reduction of wear) and reduced environmental impact”.
Click below to listen to the full podcast covering these topics and more, and to hear Peter Vickers’ views about the short-term future of the base oils and lubricants market for 2019 – 2020, including the threat of the IMO 2020 fuel regulations and the impact this will have on base oil prices.