Marine fuel supplier Chemoil Energy Ltd. acquired a 50 percent stake in Chemlube International and sister company Sopetra S.A. The deal provides the latter two companies $16.4 million in seed money and could lead them to enter the marine lubes business.
Both sides think we may be able eventually to develop some synergies, Chemlube Senior Vice President Vin Gilooley told Lube Report. Its possible that at some point we would start making marine lubricants.
Headquartered in Singapore, Chemoil sources, blends, stores and delivers marine fuel through ports on four continents. Chemlube, which is based in Harrison, N.Y., is an importer, exporter and distributor of base oils and also operates a blending plant in Savannah, Ga.
Sopetra is based in Villars-sur-Glane, Switzerland, and handles international operations, including base oil supply and consulting services for base oil manufacturing.
Chemoil said in an Aug. 2 statement that it invested $8.3 million in Chemlube and $8.1 million in Sopetra. Gilooley said Chemlube and Sopetra will use those funds to continue growing. Existing management at both companies will remain in place.