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TotalEnergies SE (NYSE:TTE) shares are trading higher after the company disclosed the acquisition of Tecoil, a Finnish company specializing in the production of Re-Refined Base Oils (RRBOs).
Currently, Tecoil operates a production facility in Hamina, eastern Finland, capable of producing 50,000 tons of RRBOs per year.
Tecoil has established its own circular economy network across Europe to collect used lubricants and supply its plant.
Tecoil employs a process called “re-refining” to optimize used oils, enhancing their properties to possess properties comparable to premium virgin base oils.
Also Read: TotalEnergies Sells Certain North Sea Assets: Details
They substantially decrease the carbon footprint of lubricants while maintaining the performance standards approved by numerous car manufacturers.
TotalEnergies, with 42 global lubricant production sites, is a partner in automotive, industrial, and marine markets, offering innovative products and services.
In June 2024, it launched its first range of lubricants using premium regenerated base oils: Quartz EV3R for passenger vehicles and Rubia EV3R for trucks.
Last month, TotalEnergies inked an agreement to acquire a 60% stake and operational control of Block STP02 from the Agência Nacional do Petroléo de S. Tomé e Principé (ANP-STP).
Investors can gain exposure to TTE via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA: EIPX) and Keating Active ETF (NASDAQ:KEAT).
Price Action: TTE shares are up 2.47% at $68.33 premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
