VARO Energy explained

Type:Private
Founded:2012
Hq Location City:Zug, canton of Zug
Hq Location Country:Switzerland
Area Served:principally Europe
Key People:Dev Sanyal (CEO)
Marcel van Poecke (Chairman)
Owner:Carlyle Group (66.6%)
Vitol (33.3%)
Website:https://www.varoenergy.com

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.

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.[47]

VARO completed the purchase of 51% of shares in SilviCarbon.

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

2022

Dev Sanyal is appointed chief executive officer of VARO Energy.

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]

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]

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.[65]

Notes and References

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

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