TotalEnergies, a French oil giant, has recently purchased the motor oil recycling plant in Hamina, STR Tecoilin. The Finnish company’s technology is considered the most efficient on the market, allowing lubricant factories access to high-quality recycled base oil.
The CEO of STR Tecoil, Juha Kokko, mentioned that Total’s interest was prompted by the ongoing green transition. Since Total produces significant quantities of lubricants, it wants to be involved in the recycling of base oils. Koko emphasized Finnish excellence and quality production, noting that their products are unmatched in Europe.
STR Tecoil collects waste oil and regenerates it into usable oil for lubricating vehicles and industrial equipment. Their technology enables multiple recycling of lubricating oil, with a yield rate of around 75%. The company, owned by Mihail Malkov, was bought by TotalEnergies. Although the purchase price remains undisclosed, the transaction is considered significant based on the company’s financial results.
In 2022, STR Tecoil made a profit of 9.1 million euros with a turnover of 54.5 million euros. The company’s turnover in 2023 was 54.6 million euros, with a profit of 3.0 million euros. Koko expects better results and increased traffic in the current year. With Total’s resources and support, STR Tecoil aims to expand its business and continue to grow.
TotalEnergies is known for its lubricants and is one of the world’s largest oil and energy companies with significant operating profits.
Kokko highlighted the potential for growth with Total’s support, emphasizing the company’s commitment to improving STR Tecoil’s business.
This acquisition provides opportunities for expansion and investment in the industry with Total’s large workforce and capabilities.
STR Tecoil remains optimistic about future growth and development under TotalEnergies ownership.
Overall, this acquisition marks a significant milestone for both companies as they work towards a more sustainable future through innovative technologies that promote recycling and reduce waste in the industry.