TotalEnergies, a French oil giant, has recently acquired STR Tecoilin, a motor oil recycler based in Hamina. The Finnish company’s technology is considered the most efficient on the market and allows lubricant factories access to high-quality recycled base oil. CEO of STR Tecoil, Juha Kokko, stated that Total’s interest was piqued by the ongoing green transition. As Total produces significant amounts of lubricants, it wants to be involved in the recycling of base oils.
STR Tecoil collects waste oil and regenerates it into usable lubricating oil for vehicles and industrial equipment. Their technology allows for the recycling of lubricating oil multiple times, with a yield rate of about 75%. The company was owned by Mihail Malkov and has been acquired by TotalEnergies. While the purchase price remains undisclosed, the transaction is considered notable based on the company’s financial results.
In 2022, STR Tecoil generated 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. Kokko expects better results and increased turnover in the current year under TotalEnergies ownership. With Total’s resources and support, STR Tecoil aims to expand its business and grow further in the industry.
TotalEnergies is known for its lubricants and is one of the world’s largest oil and energy companies with substantial operating profits. Kokko highlighted that with Total’s backing, there are opportunities for growth and investment in the industry.
STR Tecoil operates in Hamina remains optimistic about future growth and development under TotalEnergies ownership due to their commitment to enhancing their business together.
