A mixture of the emulsifying agent and polybutene is heated to temperature and stirred until it becomes homogeneous. Preheated water is added in small increments under agitation until in version from water-in-oil to oil-in-water emulsion takes place. the remaining water can then be added more rapidly. In the anionic emulsion, triethanolamine is added to the polybutene/oleic acid mixture as a solution in a small amount of water.