Current issue: 55(2)
Under compilation: 55(3)
After the Second World War shortage of lubrication oil forced Finland to develop a substitute product that was produced of indigenous materials. This report is an overview of the history of the already terminated lubricating oil industry and it gives a detailed description of lubricating oil production.
The annual lubricating oil consumption in Finland was 15,000 tons before the war, but during the war it decreased to 7-8,000 tons. In 1943 Oy Tervaöljy Ab (Tar Oil Limited) was established with the state of Finland as the main shareholder. It was commissioned to plan and build tar and tar oil plants, and it also transmitted tar from stump wood pyrolyzing plants to oil factories. Two raw materials were used to produce tar oil: tar wood collected from Scots pine (Pinus sylvestris L.) stumps and tall oil, a by-product of sulphate pulp mills. A total of 9,000 tons of lubricating oil substitutes was produced in 1943-1947, 53% of this from sulphate pulp mill by-products and 47% from tar and shale oil.
The PDF includes a summary in English.
This study investigates the relationship between Finnish sulphate pulp export prices and international pulp inventories using the Johansen cointegration method. Long-run equilibrium is found to exist between pulp price and NORSCAN inventory for the study period, 1980-94. Granger causality is found to exist from inventory to price but not vice versa. A simple short-run forecasting model for the Finnish pulp export price is formed. In preliminary analysis, the explanatory power of model is found to be acceptable but only under stable market conditions.