Innospec expands production of drag reducing agents
Innospec Inc. (NASDAQ: IOSP) said it has expanded production capacity for its proprietary Drag Reducing Agents (DRA) technology at its plant in Pleasanton, Texas, U.S.A.
Drag reducing agents have multiple benefits to pipeline operators. They not only improve the pipeline throughput, but they also reduce the pumping energy required, reduce stress and even increase the longevity of these valuable assets.
“We are delighted with the customer response to the performance of our new technology in crude oils. Their commitment to Innospec has allowed us to move forward and commission the second phase of our capacity expansion. This will come on-stream during August and will immediately enable us to work with a wider range of crude oil pipeline operators. Over the past few months, we have also been developing our technology for application in pipelines transporting gasoline, diesel and other fuels. We expect to have these products ready to test in Q4. Beyond that, we have new products for heavy crude oils in development that we believe will prove to be market-leading technology,” said Tom Entwistle, president of Innospec Oilfield Services.
“These are challenging times for everyone in the oil and gas industry. We are ideally placed to positively contribute to our customers’ operations by both improving the efficiency of their operations and helping to protect their assets,” said Patrick S. Williams, president and chief executive officer of Innospec.
“Our technology is proving to be market leading and our capacity expansion is backed by long-term customer commitments. We look forward to bringing equally effective new products to the transportation of fuels and heavy crudes in the coming months. This market is a strategic focus for both Oilfield Services and Fuel Specialties and we are well-placed for further success and expansion in the near-term.”
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with approximately 2,000 employees in 24 countries. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Oilfield Services provides specialty chemicals to all elements of the oil & gas exploration and production industry. The Performance Chemicals business creates innovative technology-based solutions for our customers in the Personal Care, Home Care, Agrochemical, Mining and Industrial markets. Octane Additives produces octane improvers to enhance gasoline.
