Thai lubricant company PSP Specialties Public Co. bought 65% of chemical recycling company Recycle Engineering, PSP announced on its website.
Thailand produces about 230 million liters of waste lubricating oil annually, according to researchers from Chulalongkorn University, Bangkok, offering plenty of feedstock for recycling.
The deal was worth 409.5 million baht (U.S. $11.92 million) and was green lit in November 2022, with the share purchase agreement made February 2024.
PSP intends to make changes at the management level to improve flexibility, the company said.
Recycle Engineering collects and disposes of waste oil and chemicals, and according to PSP’s press release will continue to do so with no plans to construct a rerefinery announced.
“PSP will use its expertise to help expand RE’s customer base both domestically and internationally, which is one of the key goals of this investment,” said Seksan Krongphanit, deputy chief executive officer of PSP. “In addition, the integration of technologies and quality standards of both companies will enable RE to develop recycling innovations that meet future market demands more efficiently.”