Type | Private |
---|---|
Founded | 2012 |
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 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]
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]
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]
References
- 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.
- ↑ 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.
- ↑ "Vitol and Carlyle's Varo merge with Argos to create downstream powerhouse". Reuters. 2015-05-28. Retrieved 2022-10-24.
- ↑ Coleman, Nick (2022-01-04). "BP veteran Sanyal becomes Varo CEO, spearheading transition drive". www.spglobal.com. Retrieved 2022-10-24.
- ↑ "Switzerland's most powerful solar facility to be built in the canton of Neuchâtel". S-GE. Retrieved 2022-10-18.
- 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.
- ↑ "Germany: Hoyer opens new automatic station and partners with Varo". www.petrolplaza.com. Retrieved 2022-10-18.
- 1 2 "VARO Energy announces the acquisition of SilviCarbon". www.euro-petrole.com. Retrieved 2022-10-18.
- 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.
- ↑ "Rosneft Sells 5% in Vostok Oil to a Consortium of Vitol and MME". www.euro-petrole.com. Retrieved 2022-10-18.
- ↑ "Europe oil refining guru back with growth plan". Reuters. 2013-12-20. Retrieved 2022-10-18.
- ↑ Kapp, Jean-Pierre (2 May 2016). "Die Neuenburger Raffinerie läuft wie geschmiert". NZZ.
- ↑ "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.
- ↑ "BRIEF-Carlyle Group says to invest in Varo Energy with Vitol Group". Reuters. 2013-12-19. Retrieved 2022-10-18.
- ↑ "StackPath". www.ogj.com. Retrieved 2022-10-18.
- ↑ "The Carlyle Group and Vitol Group to invest in Varo Energy". www.digitalrefining.com. Retrieved 2022-10-18.
- ↑ "Evaluate Energy – Login". www.evaluateenergy.com. Retrieved 2022-10-18.
- ↑ "OMV: Downstream Restructuring on Track – Divestment of Bayernoil – GeoResources". www.georesources.net. Retrieved 2022-10-18.
- ↑ "UPDATE 1-Vitol, Carlyle's Varo Energy buy Total Swiss diesel businesses". Reuters. 2014-07-24. Retrieved 2022-10-18.
- ↑ "Varo Energy conclut l'acquisition de stockage et du commerce de distribution de Total Suisse". www.euro-petrole.com. Retrieved 2022-10-18.
- ↑ "Canton de Neuchâtel – Gros investissement à la raffinerie de Cressier". 24 heures (in French). Retrieved 2022-10-18.
- ↑ "StackPath". www.ogj.com. Retrieved 2022-10-18.
- ↑ "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.
- ↑ "StackPath". www.ogj.com. Retrieved 2022-10-24.
- ↑ "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.
- ↑ "Varo Energy Germany GmbH, Hamburg". www.northdata.de (in German). Retrieved 2022-10-18.
- ↑ 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.
- ↑ "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.
- ↑ "Argos et Varo Energy finalisent leur fusion et acquièrent la pleine propriété de Rhytank AG". www.euro-petrole.com. Retrieved 2022-10-18.
- ↑ "Varo Energy completes acquisition of assets, including stake in Bayernoil refinery, from OMV". www.euro-petrole.com. Retrieved 2022-10-18.
- ↑ "VARO Energy Takes Full Control Over Hydrocarbon Hotel Tankstorage Terminal | TankTerminals". tankterminals.com. Retrieved 2022-10-18.
- ↑ Ship; bunker.com. "Varo Energy to Buy Dutch Bunker Player". Ship & Bunker. Retrieved 2022-10-18.
- ↑ admin (2016-11-16). "VARO Energy acquires Inter Oil B.V." F&L Asia. Retrieved 2022-10-18.
- ↑ "VARO aquires Inter Oil BV in the Netherlands – erpecnews live". www.erpecnewslive.com. Retrieved 2022-10-18.
- ↑ "VARO announces growth of retail business in Eastern Germany". www.euro-petrole.com. Retrieved 2022-10-18.
- ↑ "VARO announces further growth of retail activities in the Netherlands". www.euro-petrole.com. Retrieved 2022-10-18.
- ↑ admin (2017-06-01). "VARO Energy acquires United Fuel Group". F&L Asia. Retrieved 2022-10-18.
- ↑ "VARO Energy to sell Hydrocarbon Hotel tank terminal to GPS Group". www.euro-petrole.com. Retrieved 2022-10-18.
- ↑ margaret@tankstoragemag.com (2016-12-06). "Varo to sell Hydrocarbon Hotel storage terminal". Tank Storage Magazine. Retrieved 2022-10-18.
- ↑ "VARO Selling Terminal Hanau in Germany to Adolf Roth | TankTerminals". tankterminals.com. Retrieved 2022-10-18.
- ↑ "ACM geeft groen licht voor overname Van den Belt". TankPro.nl (in Dutch). Retrieved 2022-10-18.
- ↑ "Varo expands its German retail business through acquisitions". Reuters. 2018-03-01. Retrieved 2022-10-18.
- ↑ "VARO Signs Deal to Acquire the Business Activities of SMD Beheer BV in The Netherlands | TankTerminals". tankterminals.com. Retrieved 2022-10-18.
- ↑ "VARO signs deal to acquire Calpam". Oaklins newsroom. 2019-09-23. Retrieved 2022-10-18.
- ↑ "VARO becomes majority shareholder in Bayernoil refinery". Hydrocarbon Engineering. 2020-01-08. Retrieved 2022-10-18.
- ↑ margaret@tankstoragemag.com (2020-01-08). "Varo completes shares purchase in Bayernoil Refinery". Tank Storage Magazine. Retrieved 2022-10-18.
- ↑ Mendonça, Elisângela. "Carlyle doubles its stake in Swiss refiner Varo Energy". www.penews.com. Retrieved 2022-10-18.
- ↑ "Country's most powerful solar facility to be built in the canton of Neuchâtel". GGBA. 2022-01-24. Retrieved 2022-10-18.
- ↑ "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.
- 1 2 "Varo targets net zero by 2040, ups transition funding | Argus Media". www.argusmedia.com. 2022-07-05. Retrieved 2022-10-18.
- ↑ "Varo Energy buys 80% of Dutch biogas firm; aims to double capacity by 2026". Reuters. 2023-01-12. Retrieved 2023-06-20.
- ↑ "Lufthansa and VARO Energy sign MoU on renewable fuels". Reuters. 2023-02-02. Retrieved 2023-06-20.
- ↑ Bousso, Ron (2023-06-15). "Varo Energy acquires second biogas firm in 2023". Reuters. Retrieved 2023-06-20.
- ↑ "VARO announces plan to build major SAF manufacturing facility". Hydrocarbon Engineering. 2023-09-07. Retrieved 2023-09-29.
- ↑ "VARO, Groupe E & CSEM Commission Switzerland's Largest Solar Power Facility - Financials and Investment". www.gulfoilandgas.com. Retrieved 2023-09-29.
- ↑ "Varo Energy acquires EV charging provider elexon". www.petrolplaza.com. 2023-12-01. Retrieved 2024-01-12.
- ↑ Edwards, Rowena (2022-07-05). "Varo Energy sets low carbon strategy, net-zero goals". Reuters. Retrieved 2022-10-18.