VARO Energy

Last updated
VARO Energy
Company type Private
Founded2012
Headquarters
Zug, canton of Zug
,
Switzerland
Area served
principally Europe
Key people
Dev Sanyal (CEO)
Marcel van Poecke (Chairman)
Products
Owner Carlyle Group (66.6%)
Vitol (33.3%)

VARO Energy (VARO) is an energy company headquartered in Zug, Switzerland. It operates in manufacturing, storage and distribution, marketing and trading, with businesses in oil products, biofuels, green hydrogen, biomethane & bio-LNG, nature-based carbon removals and e-mobility. The company is focused on the Benelux countries, Germany, France and Switzerland. VARO Energy's shareholders include the global Investment firm, Carlyle Group and the global energy and commodities company Vitol. [1] [2] [3] The company CEO is Dev Sanyal. [4]

Contents

VARO owns a manufacturing hub in Cressier, Switzerland, [5] a majority share in the Bayernoil manufacturing hub, Southern Germany, [6] as well as storage facilities, distribution and marketing businesses in Benelux, France, Germany and Switzerland. [7] The company also owns a 59.8% stake in SilviCarbon, [8] a global leader in nature-based Carbon Dioxide Removals (CDRs) 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]

As of October 1, VARO gains a 67.9% share in E-Flux. [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 E-Flux to 67.9% 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]

VARO Energy acquires 100% of elexon GmbH, a leading European electric vehicle charging infrastructure provider. [56]

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] [57]

Related Research Articles

<span class="mw-page-title-main">Sunoco</span> American energy company

Sunoco LP is an American master limited partnership organized under Delaware state laws and headquartered in Dallas, Texas. Dating back to 1886, the company has transitioned from a vertically integrated energy company to a distributor of fuels. It was previously engaged in oil, natural gas exploration and production, refining, chemical manufacturing, and retail fuel sales, but divested these businesses. Sunoco is the largest independent distributor of fuels in the United States.

<span class="mw-page-title-main">Tesoro Corporation</span> American energy company

Tesoro Corporation, known briefly as Andeavor, was a Fortune 100 and a Fortune Global 500 company headquartered in San Antonio, Texas, with 2017 annual revenues of $35 billion, and over 14,000 employees worldwide. Based on 2017 revenue, the company ranked No. 90 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.

<span class="mw-page-title-main">Eni</span> Italian multinational energy company

Eni S.p.A., acronym for Ente nazionale idrocarburi, is an Italian multinational energy company headquartered in Rome. It is considered one of the "supermajor" oil companies in the world, with a market capitalization of €50 billion, as of 31 December 2023. The Italian government owns a 30.5% golden share in the company, 1.99% held through the Ministry of Economy and Finance and 28.5% through the Cassa Depositi e Prestiti. The company is a component of the Euro Stoxx 50 stock market index.

<span class="mw-page-title-main">MOL (company)</span> Hungarian Oil and Gas Public Limited Company

MOL Plc., also known as MOL Group, is a Hungarian multinational oil and gas company headquartered in Budapest, Hungary. Members of MOL Group include among others the Croatian and Slovak formerly state-owned oil and gas companies, INA and Slovnaft. MOL is Hungary's most profitable enterprise, with net profits of $770 million in 2019. The company is also the third most valuable company in Central and Eastern Europe and placed 402 on the Fortune Global 500 list of the world's largest companies in 2013.

<span class="mw-page-title-main">SemGroup</span>

SemGroup Corporation was a publicly-traded company engaged in natural gas, petroleum, and propane pipeline transport. It was organized in Delaware and headquartered in Tulsa, Oklahoma. In December 2019, the company was acquired by Energy Transfer LP.

<span class="mw-page-title-main">Shell Australia</span> Australian regional subsidiary of Shell plc

Shell Australia is the Australian subsidiary of Shell. Shell has operated in Australia since 1901, initially delivering bulk fuel into Australia, then establishing storage and distribution terminals, oil refineries, and a network of service stations. It extended its Australian activities to oil exploration, petrochemicals and coal mining, and became a leading partner in Australia's largest resource development project, the North West Shelf Venture.

Gasum Oy is a Finnish state-owned energy company operating in the Nordics. Gasum owns 17 biogas refineries in Finland and Sweden, and is the largest processor of biodegradable waste in the Nordic countries. In addition, Gasum sells wind power and provides various energy market services. It is in the process of building a gas filling station network that will also serve heavy-duty vehicles.

<span class="mw-page-title-main">Petroplus</span>

Petroplus Holdings AG was Europe's largest independent oil refiner by capacity. When the now defunct company was first formed in 1993, it was known as Petroplus International N.V., and was based in the Netherlands. In August 1998, it was listed on the Amsterdam Stock Exchange. In April 2005, it was delisted from the Euronext Amsterdam stock exchange when the company was acquired by a holding company. In November 2006, the company went public on the Swiss Stock Exchange.

<span class="mw-page-title-main">Mercuria</span> Multinational commodity trading company

Mercuria Energy Group Ltd. is a Cypriot-domiciled Swiss multinational commodity trading company active in a wide spectrum of global energy markets including crude oil and refined petroleum products, natural gas, power, biodiesel, base metals and agricultural products. The company is one of the world's five largest independent energy traders and asset operators and is based in Geneva, Switzerland, with 37 additional offices worldwide. The group operates in 50 different countries.

<span class="mw-page-title-main">Gunvor</span> Cypriot-registered Swiss commodity trading company

Gunvor Group Ltd is a multinational energy commodities trading company registered in Cyprus, with its main trading office in Geneva, Switzerland. Gunvor also has trading offices in Singapore, Houston, Stamford, London, Calgary, and Dubai, with a network of representative offices around the globe. The company operates in the trade, transport, storage and optimization of petroleum and other energy products, as well as having investments in oil terminal and port facilities. Its operations consist of securing crude oil and petroleum products upstream and delivering it to market via pipelines and tankers. Gunvor has a separate company, Nyera, set up in 2021 to invest in renewable energy sources. It is run by energy transition director Fredrik Tornqvist.

Vitol is a Swiss-based Dutch multinational energy and commodity trading company that was founded in Rotterdam in 1966 by Henk Viëtor and Jacques Detiger. Though trading, logistics and distribution are at the core of its business, these are notably complemented by refining, shipping, terminals, exploration and production, power generation, and retail businesses. Vitol has over 40 offices worldwide, with its largest operations in Geneva, Houston, London, and Singapore.

<span class="mw-page-title-main">ERS Railways</span> Railway company

ERS Railways is a rail freight company presently owned by the Swiss rail freight company Hupac.

ARMO oil refiner is one of the two oil refiners in Albania. It owns oil refineries at Ballsh and Fier, research center, 11 depots, a small network of fuel stations, and the Vlorë Terminal located in the south coast on Adriatic sea. The CEO of Armo Energy is Rezart Taci. Mr. Taci is also the head of Taçi Oil

<span class="mw-page-title-main">OQ (company)</span> Omani energy company

OQ, formerly known as Oman Oil Company, is an energy investment company headquartered in Muscat, Oman. It is a wholly owned subsidiary of the Government of Oman through the Oman Investment Authority.

Power-to-gas is a technology that uses electric power to produce a gaseous fuel. When using surplus power from wind generation, the concept is sometimes called windgas.

The Uganda National Oil Company (UNOC), also known as the National Oil Company of Uganda, is a limited liability petroleum company in Uganda owned by the Ugandan government. The 2013 Petroleum Act of Uganda provides for the establishment of the national oil company. UNOC's board of directors was inaugurated on 23 October 2015 by the president of Uganda.

Contargo GmbH & Co. KG is an internationally active logistics service provider performing trimodal transport between the seaports and the European hinterland and providing all auxiliary services, such as empty container depots and repairs. Contargo transports 2.1 million TEU annually in its network along the Rhine and its main tributaries up to Switzerland.

Oiltanking is a logistics service provider of tank terminals for petroleum products, chemicals, and gases. Founded in 1972, the company is a subsidiary of Marquard & Bahls AG and is headquartered in Hamburg, Germany. It owns and operates a total of 70 terminals in 23 countries with a total storage capacity of more than 20 million m3.

<span class="mw-page-title-main">Marquard & Bahls</span>

Marquard & Bahls is a Hamburg-based company that is active in the fields of energy and chemicals. Its core lines of business include tank storage logistics, trading and aviation fuelling. Marquard & Bahls was founded in 1947 and has been a stock corporation under commercial law since 1992. The Group has a presence in 33 countries around the world. At the end of 2019, the company employed 6,715 people. In 2019, the company generated revenue of EUR 13.875 billion.

<span class="mw-page-title-main">Viva Energy</span> Oil company based in Australia

Viva Energy Australia is a listed Australian company that owns the Geelong Oil Refinery and is licensed to retail Shell-branded fuels across Australia under a licence agreement. It also owns and retails fuel through Coles Express, OTR, Reddy Express, Liberty Oil and Westside Petroleum-branded service stations. In total, Viva Energy supplies a network of over 1,330 retail fuel outlets across Australia, supported by an extensive import, storage and distribution infrastructure network, including a presence at over 70 airports and airfields. In addition to manufacturing a range of fuel and other products at the Geelong Refinery, Viva Energy imports fuel supplied by Vitol through 24 fuel import terminals across Australia.

References

  1. 1 2 Perkins, Robert (2021-02-03). "Carlyle doubles stake in Swiss refiner Varo, with eye on biofuels expansion". www.spglobal.com. Retrieved 2022-10-18.
  2. ↑ McNair, Ros (2015-05-28). "Argos and Varo Energy sign merger agreement to form major downstream group in North West Europe". Vitol. Retrieved 2022-10-24.
  3. ↑ "Vitol and Carlyle's Varo merge with Argos to create downstream powerhouse". Reuters. 2015-05-28. Retrieved 2022-10-24.
  4. ↑ Coleman, Nick (2022-01-04). "BP veteran Sanyal becomes Varo CEO, spearheading transition drive". www.spglobal.com. Retrieved 2022-10-24.
  5. ↑ "Switzerland's most powerful solar facility to be built in the canton of Neuchâtel". S-GE. Retrieved 2022-10-18.
  6. 1 2 3 4 Coleman, Nick (2022-01-04). "BP veteran Sanyal becomes Varo CEO, spearheading transition drive". www.spglobal.com. Retrieved 2022-10-18.
  7. ↑ "Germany: Hoyer opens new automatic station and partners with Varo". www.petrolplaza.com. Retrieved 2022-10-18.
  8. 1 2 "VARO Energy announces the acquisition of SilviCarbon". www.euro-petrole.com. Retrieved 2022-10-18.
  9. 1 2 Boudewijn (2021-10-06). "VARO enters eMobility solutions through acquisition of stakes in E-Flux". E-Flux EN (in Dutch). Retrieved 2022-10-18.
  10. ↑ "Rosneft Sells 5% in Vostok Oil to a Consortium of Vitol and MME". www.euro-petrole.com. Retrieved 2022-10-18.
  11. ↑ "Europe oil refining guru back with growth plan". Reuters. 2013-12-20. Retrieved 2022-10-18.
  12. ↑ Kapp, Jean-Pierre (2 May 2016). "Die Neuenburger Raffinerie läuft wie geschmiert". NZZ.
  13. ↑ "The Carlyle Group and Vitol Group to invest in Varo Energy to Create a Major New Energy Midstream Group across North-West Europe | Carlyle". www.carlyle.com. Retrieved 2022-10-18.
  14. ↑ "BRIEF-Carlyle Group says to invest in Varo Energy with Vitol Group". Reuters. 2013-12-19. Retrieved 2022-10-18.
  15. ↑ "StackPath". www.ogj.com. Retrieved 2022-10-18.
  16. ↑ "The Carlyle Group and Vitol Group to invest in Varo Energy". www.digitalrefining.com. Retrieved 2022-10-18.
  17. ↑ "Evaluate Energy – Login". www.evaluateenergy.com. Retrieved 2022-10-18.
  18. ↑ "OMV: Downstream Restructuring on Track – Divestment of Bayernoil – GeoResources". www.georesources.net. Retrieved 2022-10-18.
  19. ↑ "UPDATE 1-Vitol, Carlyle's Varo Energy buy Total Swiss diesel businesses". Reuters. 2014-07-24. Retrieved 2022-10-18.
  20. ↑ "Varo Energy conclut l'acquisition de stockage et du commerce de distribution de Total Suisse". www.euro-petrole.com. Retrieved 2022-10-18.
  21. ↑ "Canton de Neuchâtel – Gros investissement à la raffinerie de Cressier". 24 heures (in French). Retrieved 2022-10-18.
  22. ↑ "StackPath". www.ogj.com. Retrieved 2022-10-18.
  23. ↑ "Roger Brown starts as CEO of Varo Energy – Group announces CHF 50 Million investment in Cressier Refinery". www.euro-petrole.com. Retrieved 2022-10-18.
  24. ↑ "StackPath". www.ogj.com. Retrieved 2022-10-24.
  25. ↑ "Roger Brown starts as CEO of Varo Energy – Group announces CHF 50 Million investment in Cressier Refinery". www.euro-petrole.com. Retrieved 2022-10-24.
  26. ↑ "Varo Energy Germany GmbH, Hamburg". www.northdata.de (in German). Retrieved 2022-10-18.
  27. ↑ Bankes-Hughes, Lesley. "EUROPE: Varo Energy seeking to launch IPO and listing on Euronext Amsterdam". Bunkerspot – Independent Intelligence for the Global Bunker Industry. Retrieved 2022-10-18.
  28. ↑ "Argos et Varo Energy signent un accord de fusion pour former un groupe en aval majeur en Europe du Nord-Ouest". www.euro-petrole.com. Retrieved 2022-10-18.
  29. ↑ "Argos et Varo Energy finalisent leur fusion et acquièrent la pleine propriété de Rhytank AG". www.euro-petrole.com. Retrieved 2022-10-18.
  30. ↑ "Varo Energy completes acquisition of assets, including stake in Bayernoil refinery, from OMV". www.euro-petrole.com. Retrieved 2022-10-18.
  31. ↑ "VARO Energy Takes Full Control Over Hydrocarbon Hotel Tankstorage Terminal | TankTerminals". tankterminals.com. Retrieved 2022-10-18.
  32. ↑ Ship; bunker.com. "Varo Energy to Buy Dutch Bunker Player". Ship & Bunker. Retrieved 2022-10-18.
  33. ↑ admin (2016-11-16). "VARO Energy acquires Inter Oil B.V." F&L Asia. Retrieved 2022-10-18.
  34. ↑ "VARO aquires Inter Oil BV in the Netherlands – erpecnews live". www.erpecnewslive.com. Retrieved 2022-10-18.
  35. ↑ "VARO announces growth of retail business in Eastern Germany". www.euro-petrole.com. Retrieved 2022-10-18.
  36. ↑ "VARO announces further growth of retail activities in the Netherlands". www.euro-petrole.com. Retrieved 2022-10-18.
  37. ↑ admin (2017-06-01). "VARO Energy acquires United Fuel Group". F&L Asia. Retrieved 2022-10-18.
  38. ↑ "VARO Energy to sell Hydrocarbon Hotel tank terminal to GPS Group". www.euro-petrole.com. Retrieved 2022-10-18.
  39. ↑ margaret@tankstoragemag.com (2016-12-06). "Varo to sell Hydrocarbon Hotel storage terminal". Tank Storage Magazine. Retrieved 2022-10-18.
  40. ↑ "VARO Selling Terminal Hanau in Germany to Adolf Roth | TankTerminals". tankterminals.com. Retrieved 2022-10-18.
  41. ↑ "ACM geeft groen licht voor overname Van den Belt". TankPro.nl (in Dutch). Retrieved 2022-10-18.
  42. ↑ "Varo expands its German retail business through acquisitions". Reuters. 2018-03-01. Retrieved 2022-10-18.
  43. ↑ "VARO Signs Deal to Acquire the Business Activities of SMD Beheer BV in The Netherlands | TankTerminals". tankterminals.com. Retrieved 2022-10-18.
  44. ↑ "VARO signs deal to acquire Calpam". Oaklins newsroom. 2019-09-23. Retrieved 2022-10-18.
  45. ↑ "VARO becomes majority shareholder in Bayernoil refinery". Hydrocarbon Engineering. 2020-01-08. Retrieved 2022-10-18.
  46. ↑ margaret@tankstoragemag.com (2020-01-08). "Varo completes shares purchase in Bayernoil Refinery". Tank Storage Magazine. Retrieved 2022-10-18.
  47. ↑ Mendonça, Elisângela. "Carlyle doubles its stake in Swiss refiner Varo Energy". www.penews.com. Retrieved 2022-10-18.
  48. ↑ "Country's most powerful solar facility to be built in the canton of Neuchâtel". GGBA. 2022-01-24. Retrieved 2022-10-18.
  49. ↑ "VARO Energy and GPS Group announce the completion of an integrated biofuels facility in the Port of Amsterdam – TET". tetamsterdam.oram.nl. Retrieved 2022-10-18.
  50. 1 2 "Varo targets net zero by 2040, ups transition funding | Argus Media". www.argusmedia.com. 2022-07-05. Retrieved 2022-10-18.
  51. ↑ "Varo Energy buys 80% of Dutch biogas firm; aims to double capacity by 2026". Reuters. 2023-01-12. Retrieved 2023-06-20.
  52. ↑ "Lufthansa and VARO Energy sign MoU on renewable fuels". Reuters. 2023-02-02. Retrieved 2023-06-20.
  53. ↑ Bousso, Ron (2023-06-15). "Varo Energy acquires second biogas firm in 2023". Reuters. Retrieved 2023-06-20.
  54. ↑ "VARO announces plan to build major SAF manufacturing facility". Hydrocarbon Engineering. 2023-09-07. Retrieved 2023-09-29.
  55. ↑ "VARO, Groupe E & CSEM Commission Switzerland's Largest Solar Power Facility - Financials and Investment". www.gulfoilandgas.com. Retrieved 2023-09-29.
  56. ↑ "Varo Energy acquires EV charging provider elexon". www.petrolplaza.com. 2023-12-01. Retrieved 2024-01-12.
  57. ↑ Edwards, Rowena (2022-07-05). "Varo Energy sets low carbon strategy, net-zero goals". Reuters. Retrieved 2022-10-18.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.