VARO Energy (VARO) is a diversified energy company headquartered in Zug, Switzerland with a presence in twenty-six countries. It operates across the energy value chains in manufacturing, storage and distribution, marketing and trading, with businesses in conventional energies and sustainable energies. In 2022, VARO announced its “ONE VARO Transformation strategy” which focuses on conventional and sustainable energies, with the latter based on five strategic growth pillars - biofuels, green hydrogen, biomethane & bio-LNG, nature-based carbon removals and e-mobility. VARO Energy's shareholders consist of the global investment firm, Carlyle Group and the global energy and commodities company Vitol.[1][2][3] The company CEO is Dev Sanyal.[4]
VARO owns a manufacturing hub in Cressier, Switzerland,[5] a majority share in the Bayernoil manufacturing hub in Bavaria,[6] 80% share in one of the largest European biogas facilities, in Coevorden, as well as storage facilities, distribution and marketing businesses across key European hubs.[7] VARO also owns 100% share in elexon, a leading European developer of commercial vehicle charging, a 59.8% stake in SilviCarbon,[8] a global leader in nature-based Carbon Dioxide Removals (CDRs) in Asia and South America and 67.9% share in Road,[9] an EV charging platform provider.[6]
History
2012
VARO Energy was created with an acquisition of the Cressier refinery in Switzerland, from Petroplus, alongside marketing and storage activities.[10]
It was established as a joint venture between the commodity trader Vitol (75%) and Atlas Invest (25%), a financial holding company owned by the leading energy investor, Marcel van Poecke, who remains the Chairman of VARO Energy.[11][12]
2013
VARO Energy’ shareholder base was restructured; in place of Atlas Invest, the financial investor Carlyle takes a 50 percent stake[13][14]
In Germany, VARO acquired Petrotank and Vitol Marketing Germany.[15][16]
2014
VARO became the owner of 45% of the Bayernoil refinery in Germany through the acquisition of shares held by OMV Deutschland GmbH in Bayernoil Raffineriegesellschaft GmbH and other downstream assets owned by OMV Deutschland GmbH.[17][18]
The company acquired Total's heating oil business and general trade business in Switzerland (Huiles Minérales, Mazol, Portales & Bonnet CH). The purchased assets include tank storage facilities in Eclépens near Lausanne and Total's entire end customer distribution and sales network for domestic heating oil and diesel in Switzerland.[19][20]
Roger Brown is appointed chief executive officer of VARO.[21]
2015
VARO invested over 50 million Swiss Francs in the Cressier refinery, the most significant investment in the site's history, allowing it to remain competitive in the long term.[22][23] The investment is focused on safety, asset integrity and growth, with projects including a partial conversion of the refinery's energy sourcing to natural gas, a cleaner source of energy, and technical upgrades to allow for the production of gasoline containing up to 5% ethanol produced from renewable sources.[24][25]
VARO acquired the German wholesale distributors Marol and Gekol.[26][27]
VARO merged with Dutch-based company Argos leading to gaining full ownership of Rhytank AG, located in Switzerland. Reggeborgh, a private Dutch investment company, enters as a third shareholder with 1/3 participation each.[28][29]
The company purchased bunkering activities from Vitol in Germany.[30]
2016
The company took full control over two tank storage terminals in the Netherlands: Hydrocarbon Hotel and Enviem Terminal.[31]
VARO expanded its inland bunkering activities by acquiring Fiwado B.V. in the Netherlands.[32]
2017
VARO acquired 100% of shares of Inter Oil B.V., a holding company, expanding retail activities in the Netherlands by gaining the brand names Brand Oil and Amigo.[33][34]
The company acquired the assets of Schneider Mineralöl Meissen GmbH. (retail and direct sales) in Saxony.[35]
VARO expanded its retail network in the Netherlands with the purchase of United Fuel Group B.V. gaining additional fuel stations.[36][37]
Hydrocarbon Hotel Tankstorage Terminal, purchased in 2016, is sold to Global Petro Storage.[38][39]
The former Petrotank terminal situated in Hanau in Germany is sold to Adolf Roth GmbH & Co. KG.[40]
2018
VARO purchased Van den Belt gaining several fuel stations in the process.[41]
VARO acquired Gerber Energie GmbH & retail sites from Wengel & Dettelbacher, and the terminal in Brugges, Belgium.[42]
2019
VARO acquired 100% of the shares in SMD Beheer BV, a Calpam-group company, adding 19 Calpam branded stations to its Dutch retail network.[43][44]
2020
VARO added an additional 6.4% to its stake in Bayernoil, making the company the majority stakeholder with 51.4%.[45][46]
2021
Carlyle completes an acquisition of the stake in VARO to hold 66.66% of shares in the company.[1][47]
VARO completed the purchase of 51% of shares in SilviCarbon.[8]
VARO announces that the company has signed an agreement to acquire 49,5% of the shares in E-Flux, a Dutch technology company that provides software for electric vehicle charging.[9][6]
2022
Dev Sanyal is appointed chief executive officer of VARO Energy.[6]
VARO and Group E announced the plan to build the most powerful ground-mounted solar facility in Switzerland, in Cressier.[48]
VARO Energy & GPS Group announced the completion of an integrated biofuels facility in the port of Amsterdam.[49]
VARO announced a new strategy to invest 3.5 billion and help customers meet net zero.[50]
2023
VARO Energy announces the acquisition of 80% of the shares in Bio Energy Coevorden BV (BEC) in The Netherlands, one of the largest biogas manufacturers in Europe.[51]
VARO Energy and Deutsche Lufthansa AG sign a Memorandum of Understanding to explore the production and supply of Sustainable Aviation Fuel.[52]
VARO Energy increases its shareholding in Road (E-Flux) to 66.3% and commits significant investment for new market entry in France, Italy, Spain and the UK, and market expansion in Germany.
VARO Energy acquires 100% of the share capital in Renewable Energy Services (RES), one of Europe's leading biogas trading companies, and expands biogas trading capabilities across 10 European countries.[53]
VARO Energy announces its plan to invest $600m to build a major Sustainable Aviation Fuel manufacturing facility in Rotterdam, which will meet up to 7% of the EU's 2030 SAF target.[54]
VARO Energy, Groupe E and CSEM commissioned Switzerland's largest ground-mounted solar power facility, in Cressier and connected a district heating network using excess heat from the Cressier manufacturing hub.[55]
Höegh Autoliners and VARO partner to accelerate Sustainable Shipping.[56][57]
2024
VARO Energy acquires 100% of elexon GmbH, a leading European electric vehicle charging infrastructure provider.[58]
VARO Charging partners with Truckparkings Rotterdam, to operate new e-truck charging hub in the Port of Rotterdam.[59][60]
VARO and Orim Energy partner to scale-up sustainable shipping fuel capabilities.[61][62]
Gunvor Group announces its plans to join VARO’s large-scale SAF manufacturing facility project in Rotterdam.[63][64]
2025
On 31 March, 2025, VARO Energy announced it reached an agreement to acquire Preem Holding AB and Preem AB (“Preem”) by purchasing 100% of the shares in its parent company, Corral Petroleum Holdings AB (“CPH”), in an all-cash transaction. The deal is expected to close in the second half of 2025, pending the usual closing conditions and regulatory approvals.[65]
Sustainability
In July 2022 VARO announced a commitment to be Net Zero by 2040 as a key part of its strategy to become the energy transition partner of choice. According to its twin-engine strategy, VARO's five strategic growth pillars are: Advanced Biofuels; Biomethane & Bio-LNG; Green Hydrogen; E-mobility; Nature-based Carbon Removals.[50][66]
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