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NORTHFIELD, Ill. - Chemical company Stepan Co. said Friday it formed a global joint venture with Nalco Holding Co. to market chemicals designed to increase crude oil and gas production from existing fields.
Stepan said a dramatic rise in crude oil prices has created renewed interest in the enhanced oil recovery technologies.
The joint venture will operate under the Tiorco brand. It will provide sales and service using Nalco's global reach in upstream energy markets and expertise, as well as Stepan's global surfactant technology and manufacturing capabilities.
Naperville, Ill.-based Nalco is a provider of chemicals for water treatment and industrial processes.
The joint venture will be equally owned and controlled by Nalco and Stepan.
Shares of Stepan fell $2.29, or 3.9 percent, to close at $57.01 on Thursday. Nalco's stock declined 83 cents, or 3.6 percent, to close at $22.35.
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