Finnish rerefiner STR Tecoil recently acquired the used oil collection business from Fortum, a Finnish company in the renewable energy sector. The terms of the deal were not disclosed.
We are the largest base oil rerefiner in Finalnd, and we recently bought the used oil collection business in the country from Fortum, Mihail Malkov, chief operation officer confirmed to Lube Report.
With this acquisition, STR Tecoil now holds 50 percent of the used oil collection in Finland.
The majority owner of STR Tecoil is Essedel, a group of companies founded by Malkov in 1995.
The Finnish rerefiner is actively expanding its business. Last week it announced plans to begin collecting used oil and eventually to build a rerefinery in Russia.
STR Tecoil operates a base oil rerefinery located in Hamina, Finland. The facility can process 60,000 tons of used oil to produce API Group II base oils.
Fortum is owned by the Finnish government and offers solutions in production, storage and trading of heat and electric power produced by renewable technologies with focus on Nordic and Baltic countries, Russia, Poland and India.