TotalEnergies Advances Circular Economy for Lubricants in Europe through Acquisition of Tecoil, a Leading Used Oil Regeneration Specialist
Paris, France - In a significant move towards promoting sustainability and circularity in the lubricants industry, TotalEnergies, a global energy company, has announced its acquisition of Tecoil, a Finnish company specializing in the production of Re-Refined Base Oils (RRBOs). Tecoil boasts the most efficient used oil regeneration process in the market today, making them a valuable addition to TotalEnergies’ portfolio.
With its state-of-the-art facility in Hamina, eastern Finland, Tecoil currently produces 50,000 tons of RRBOs per year. The company has successfully developed its own circular economy network for collecting used lubricants throughout Europe. This acquisition will enable TotalEnergies to leverage Tecoil’s expertise and expand their reach in the fast-growing market for regenerated lubricants.
The circular economy is an economic model that aims to minimize waste generation and maximize resource efficiency. By acquiring Tecoil, TotalEnergies is taking a significant step towards achieving their sustainability goals. With the ability to regenerate and reuse used oil, the company is reducing the reliance on virgin oil production, which is resource-intensive and has a substantial environmental impact.
According to TotalEnergies’ previous statements, the company has a strong commitment to closing the loop in the lubricants industry by reusing oil resources. By incorporating Tecoil’s innovative technologies and circular economy practices, TotalEnergies is strengthening its position as a leader in sustainable solutions.
In addition to their focus on the circular economy, TotalEnergies is also expanding their presence in the energy sector. The company recently acquired an offshore exploration license in Sao Tome and Principe. TotalEnergies has obtained a 60% interest and operatorship in Block STP02, with the remaining interest held by Sonangol (30%) and ANP-STP (10%).
Located in an emerging basin, 60 km off the coast of Sao Tome and Principe, Block STP02 presents significant potential for oil and gas exploration. This acquisition aligns with TotalEnergies’ strategy to expand its offshore activities and tap into new sources of energy.
Furthermore, TotalEnergies continues to make strides in renewable energy projects. The company, as a shareholder of Offshore Wind One GmbH, has recently won a new offshore wind concession in the North Sea. Through a successful bid in Germany, TotalEnergies has been awarded the maritime concession N-11.2, covering an area of approximately 156 square kilometers.
Situated approximately 120 kilometers northwest of the German archipelago Heligoland, the N-11.2 concession has a capacity of 1.5 GW, highlighting TotalEnergies’ commitment to renewable energy development.
With these recent acquisitions and successes in the circular economy, offshore exploration, and renewable energy sectors, TotalEnergies is solidifying its position as a responsible and forward-thinking energy company. By prioritizing sustainability and resource efficiency, the company is actively contributing to the global transition towards a more sustainable future.
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