French oil giant TotalEnergies has acquired a motor oil recycler in Hamina STR Tecoil, as announced on Monday. TotalEnergies believes that the technology of the Finnish company is the most efficient and best on the market, providing lubricant factories access to high-quality recycled base oil. CEO of STR Tecoil, Juha Kokko, mentioned to Kauppalehti that TotalEnergies’ interest was sparked by the ongoing green transition. Given Total’s significant production of lubricants, they are keen on participating in the recycling of base oils. Kokko also highlighted the excellent quality produced by Finnish companies, stating their superiority in Europe.
One interesting fact about STR Tecoil is that the company collects and refines waste oil used in vehicles and industrial equipment into usable lubricating oil through its developed technology. This process allows the lubricating oil to be recycled and used repeatedly, making it a sustainable product. The regeneration process has a success rate of about 75, producing a substantial amount of new, usable base oil. TotalEnergies is now the new owner of STR Tecoil, previously fully owned by Finn Mihail Malkov. Although the purchase price remains undisclosed, it is considered significant given the company’s financial results.
In 2022, STR Tecoil achieved a profit of 9.1 million euros with a turnover of 54.5 million euros. The turnover increased slightly in 2023 to 54.6 million euros, resulting in 3.0 million euros. Kokko anticipates a better outcome this year and expects an increase in turnover. The company, operating in Hamina, has positioned itself as one of the most successful companies in Kymenlaakso. With its production capacity reaching approximately 50,000 tons per year, 99% of its production is exported mainly to Europe.
TotalEnergies, known for its lubricants, is the fourth-largest oil and energy company globally. With operating profits of around 30 billion euros, the company employs about 100,000 people. Kokko believes that with Total’s resources, STR Tecoil can expand its business significantly. Despite facing challenges due to the recent recession, STR Tecoil is optimistic about the future and growth opportunities under its new ownership.