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Chemoil Invests in Chemlube/Sopetra

Chemlube International of Harrison, NY, a lubricants blender and base oil distributor, announced that Chemoil Energy Ltd. through a European subsidiary, has acquired 50% interest in Chemlube International and its affiliate, Sopetra S.A. The deal includes Chemoil acquiring 50% of Chemlube International LLC for approximately USD 8.3 million cash and 50% of the shares of Sopetra S.A., for approximately USD 8.1 million cash.

Rob Nobel, President and CEO of Chemlube, says “Its new partnership with Chemoil will significantly enhance Chemlube’s blending and marketing capabilities and we look forward to taking advantage of many exciting synergies with the Chemoil organization to continue to grow Chemlube and Sopetra’s businesses.” Further, Nobel adds, “Chemlube’s existing management will remain in place and continue to be responsible for day-to-day management of Chemlube and Sopetra.

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