ENGLEWOOD, Colo., Oct. 02, 2018 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today reported that it has launched an exciting new range of marine fuel additives. These products will help the shipping industry comply with the new regulations regarding maximum sulfur content of marine fuels, which comes into force on January 1st, 2020.
The International Maritime Organization (IMO) regulation, known as IMO 2020, mandates the reduction of the sulfur content of marine fuels to 0.5% from the current limit of 3.5%. Ship owners and operators have to comply by using the new fuels or installing exhaust scrubbing technology. Compliant fuels will be an issue for the industry in terms of cost, availability and performance.
Innospec has been working on innovative new solutions for over a decade and has developed unique fuel additives for use in IMO2020-compliant fuels to solve a wide range of problems.
Dr. Phillip J. Boon, Executive Vice President and Chief Operating Officer said:
“Innospec's Octamar™ product range tackles the key issues of fuel stability, fuel compatibility, low temperature operability, lubricity improvement, combustion improvement and corrosion protection. Our products are also capable of improving SFOC – specific fuel oil consumption – bringing economic benefits. We also manufacture the all-important tank cleaning additives which will clean tanks, fuel systems and pipelines in a more cost-effective way than traditional methods.”
Giorgio de Leonardis, Vice President EMEA, Innospec Fuel Specialties commented:
“This is by far the largest regulation relating to marine fuel impacting 75% of the fuel used by the shipping industry. Given our many years' experience and technical expertise in this market, we are in an excellent position to provide technology and service to our customers, combined with an established global distribution network.”
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with approximately 1900 employees in 23 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.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Such forward-looking statements include statements (covered by words like “expects,” “estimates,” “anticipates,” “may,” “believes,” “feels” or similar words or expressions, for example) which relate to earnings, growth potential, operating performance, events or developments that we expect or anticipate will or may occur in the future. Although forward-looking statements are believed by management to be reasonable when made, they are subject to certain risks, uncertainties and assumptions, and our actual performance or results may differ materially from these forward-looking statements. Additional information regarding risks, uncertainties and assumptions relating to Innospec and affecting our business operations and prospects are described in Innospec’s Annual Report on Form 10-K for the year ended December 31, 2017 and other reports filed with the U.S. Securities and Exchange Commission. You are urged to review our discussion of risks and uncertainties that could cause actual results to differ from forward-looking statements under the heading "Risk Factors” in such reports. Innospec undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Brian Watt
Innospec Inc.
+44-151-355-3611
Brian.Watt@innospecinc.com