Total’s acquisition included the purchase of Ecoslops SA's shares and shareholder loan in Ecoslops Provence. (Source: Shutterstock)
TotalEnergies Raffinage France became the sole shareholder in Ecoslops Provence after buying out its joint venture partner.
TotalEnergies purchased a 75% ownership stake from Ecoslops SA for €8 million (US$8.67 million), the companies announced Feb. 29. Total previously owned a 25% stake.
Ecoslops, a cleantech company focused on recycling used lubricants and oil residues, announced plans to dispose of its interest in Ecoslops Provence last fall “in view of the operational difficulties encountered” by the JV project.
The project was negatively affected by an “unpredictable drop” in the quantities of waste from the Port of Marseille's oil terminal and rising prices of available alternative waste sources.
Total’s acquisition included the purchase of Ecoslops SA's shares and shareholder loan in Ecoslops Provence.
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