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{{Short description|Swiss company}}
{{Short description|Swiss company}}
{{Orphan|date=October 2022}}


{{Infobox company
{{Infobox company
| logo = VARO Energy Logo.png
| logo = VARO Energy Logo.png
| type = [[Privately held company|Private]]
| hq_location_city = Zug
| founded = 2012
| hq_location_city = Zug, [[canton of Zug]]
| hq_location_country = Switzerland
| hq_location_country = Switzerland
| area_served = principally Europe
| key_people = Dev Sanyal (<small>CEO)
| key_people = Dev Sanyal (<small>CEO)</small><br>Marcel van Poecke (<small>Chairman)</small>
| products = energy
| products = {{Bulleted_list|Refined oil products|[[Biofuel]]s|[[Hydrogen]]|[[Biomethane]]|Advanced Biofuels|Nature-based carbon removals|[[E-mobility]]}}
| website = http://www.varoenergy.com/
| owner = [[Carlyle Group]] (66.6%)<br>
[[Vitol]] (33.3%)
| website = https://www.varoenergy.com
}}
}}


'''VARO Energy''' based in Zug, Switzerland, is a leading European energy company established in 2012.<ref>{{Cite web |title=Mineralölkonzern Varo Energy geht an die Börse |url=https://www.fuw.ch/article/mineraloelkonzern-varo-energy-geht-an-die-boerse |access-date=2022-10-11 |website=Finanz und Wirtschaft |language=de}}</ref> The business consists of refineries, pipelines, storage facilities and wholesale for customers throughout North West Europe with a focus in the Benelux countries, Germany, France and Switzerland. VARO Energy is a joint venture between Dutch commodity trader [[Vitol]] and US financial investor [[The Carlyle Group|Carlyle Group]].<ref>{{Cite web |last=Perkins |first=Robert |date=2021-02-03 |title=Carlyle doubles stake in Swiss refiner Varo, with eye on biofuels expansion |url=https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/electric-power/020321-carlyle-doubles-stake-in-swiss-refiner-varo-with-eye-on-biofuels-expansion |access-date=2022-10-11 |website=www.spglobal.com |language=en}}</ref> It's CEO is Dev Sanyal.<ref>{{Cite web |date=5 May 2022 |title=Die Schweizer Raffinerie Cressier kommt längst ohne russisches Erdöl aus |url=https://www.nzz.ch/wirtschaft/erdoelembargo-schweizer-raffinerie-cressier-hat-schon-vorgesorgt-ld.1682224 |website=NZZ}}</ref>
'''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 removal|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]].<ref name="auto2">{{Cite web |last=Perkins |first=Robert |date=2021-02-03 |title=Carlyle doubles stake in Swiss refiner Varo, with eye on biofuels expansion |url=https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/electric-power/020321-carlyle-doubles-stake-in-swiss-refiner-varo-with-eye-on-biofuels-expansion |access-date=2022-10-18 |website=www.spglobal.com |language=en}}</ref><ref>{{Cite web |last=McNair |first=Ros |date=2015-05-28 |title=Argos and Varo Energy sign merger agreement to form major downstream group in North West Europe |url=https://www.vitol.com/argos-and-varo-energy-sign-merger-agreement-to-form-major-downstream-group-in-north-west-europe/ |access-date=2022-10-24 |website=Vitol |language=en-US}}</ref><ref>{{Cite news |date=2015-05-28 |title=Vitol and Carlyle's Varo merge with Argos to create downstream powerhouse |language=en |work=Reuters |url=https://www.reuters.com/article/varo-trading-downstream-idCNL5N0YJ3TF20150528 |access-date=2022-10-24}}</ref> The company CEO is [[Dev Sanyal]].<ref>{{Cite web |last=Coleman |first=Nick |date=2022-01-04 |title=BP veteran Sanyal becomes Varo CEO, spearheading transition drive |url=https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/energy-transition/010422-bp-veteran-sanyal-becomes-varo-ceo-spearheading-transition-drive |access-date=2022-10-24 |website=www.spglobal.com |language=en}}</ref>


VARO owns a manufacturing hub in [[Petroplus|Cressier]], Switzerland,<ref>{{Cite web |title=Switzerland's most powerful solar facility to be built in the canton of Neuchâtel |url=https://www.s-ge.com/en/article/news/202201-cleantech-switzerlands-most-powerful-solar-facility-be-built-canton-neuchatel |access-date=2022-10-18 |website=S-GE |language=en}}</ref> a majority share in the Bayernoil manufacturing hub in Bavaria,<ref name="auto3">{{Cite web |last=Coleman |first=Nick |date=2022-01-04 |title=BP veteran Sanyal becomes Varo CEO, spearheading transition drive |url=https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/energy-transition/010422-bp-veteran-sanyal-becomes-varo-ceo-spearheading-transition-drive |access-date=2022-10-18 |website=www.spglobal.com |language=en}}</ref> 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.<ref>{{Cite web |title=Germany: Hoyer opens new automatic station and partners with Varo |url=https://www.petrolplaza.com/news/30363 |access-date=2022-10-18 |website=www.petrolplaza.com |language=EN}}</ref> VARO also owns 100% share in elexon, a leading European developer of commercial vehicle charging, a 59.8% stake in SilviCarbon,<ref name="auto">{{Cite web |title=VARO Energy announces the acquisition of SilviCarbon |url=https://www.euro-petrole.com/varo-energy-announces-the-acquisition-of-silvicarbon-n-i-22478 |access-date=2022-10-18 |website=www.euro-petrole.com}}</ref> a global leader in nature-based [[Carbon dioxide removal|Carbon Dioxide Removals]] (CDRs) in Asia and South America and 67.9% share in Road,<ref name="auto5">{{Cite web |last=Boudewijn |date=2021-10-06 |title=VARO enters eMobility solutions through acquisition of stakes in E-Flux |url=https://www.e-flux.io/en/varo-enters-emobility-solutions-through-acquisition-of-stakes-in-e-flux/ |access-date=2022-10-18 |website=E-Flux EN |language=nl}}</ref> an EV charging platform provider.<ref name="auto3" />
== Overview ==
The company was originally formed as a joint venture between commodities trader Vitol (75 percent) and Atlas Invest (25 percent), a financial holding company owned by Belgian entrepreneur Marcel van Poecke, in 2012 to acquire [[Cressier Refinery|Swiss refinery Cressier]] from insolvent [[Petroplus]].<ref>{{Cite web |title=Rosneft Sells 5% in Vostok Oil to a Consortium of Vitol and MME |url=https://www.euro-petrole.com/rosneft-sells-5-in-vostok-oil-to-a-consortium-of-vitol-and-mme-n-i-22901 |access-date=2022-10-11 |website=www.euro-petrole.com}}</ref><ref>{{Cite web |last=Pierre |first=Jean |date=2 May 2016 |title=The Neuchâtel refinery is running like clockwork |url=https://www.nzz.ch/wirtschaft/wirtschaftspolitik/varo-energy-in-cressier-die-neuenburger-raffinerie-laeuft-wie-geschmiert-ld.17371 |website=NZZ}}</ref>


== History ==
In December 2013, VARO Energy announced that its group of shareholders would be restructured; instead of Atlas Invest, the financial investor Carlyle (through its vehicle Carlyle International Energy Partners (CIEP), in which Marcel van Poecke also has a stake) steps in with a stake of 50 percent. At the same time, VARO Energy acquires all shares in [[Property Trust Group|PT Holdings]], the holding company for [[Petrobank Energy and Resources|Petrotank]], as well as all shares in Vitol Germany from Vitol. In addition, in a separate transaction, VARO Energy will acquire a 45 percent stake in Bayernoil, previously held by [[OMV|Austrian oil group OMV]], as well as other downstream assets in Germany.


=== 2012 ===
With 51.43<ref>{{Cite news |last=Glas |first=Othmara |title=Deutsche Öl- und Gaspipelines: Welche deutschen Pipelines Russland gehören |language=de |work=FAZ.NET |url=https://www.faz.net/aktuell/wirtschaft/welche-gas-und-oelpipelines-in-deutschland-russland-gehoeren-17762342.html |access-date=2022-10-11 |issn=0174-4909}}</ref> percent, VARO Energy is also the largest shareholder in Bayernoil with the refineries in [[Vohburg]] an der Donau and in [[Neustadt an der Donau]].<ref>{{Cite news |date=2019-08-09 |title=Varo Energy to raise stake in Germany's Bayernoil refining complex |language=en |work=Reuters |url=https://www.reuters.com/article/varo-energy-germany-refining-idUKL8N2554SK |access-date=2022-10-11}}</ref>
VARO Energy was created with an acquisition of the Cressier refinery in Switzerland, from [[Petroplus]], alongside marketing and storage activities.<ref>{{Cite web |title=Rosneft Sells 5% in Vostok Oil to a Consortium of Vitol and MME |url=https://www.euro-petrole.com/rosneft-sells-5-in-vostok-oil-to-a-consortium-of-vitol-and-mme-n-i-22901 |access-date=2022-10-18 |website=www.euro-petrole.com}}</ref>


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.<ref>{{Cite news |date=2013-12-20 |title=Europe oil refining guru back with growth plan |language=en |work=Reuters |url=https://www.reuters.com/article/carlyle-europe-refining-idUSL6N0JZ2E020131220 |access-date=2022-10-18}}</ref><ref>{{Cite web |last=Kapp |first=Jean-Pierre |date=2 May 2016 |title=Die Neuenburger Raffinerie läuft wie geschmiert |url=https://www.nzz.ch/wirtschaft/wirtschaftspolitik/varo-energy-in-cressier-die-neuenburger-raffinerie-laeuft-wie-geschmiert-ld.17371 |website=[[Neue Zürcher Zeitung|NZZ]]}}</ref>
In 2014, VARO bought diesel and heating oil storage from [[TotalEnergies|Total Suisse S.A.]]<ref>{{Cite web |title=Vitol, Carlyle's Varo Energy buy Total Swiss diesel businesses |url=http://news.yahoo.com/vitol-carlyles-varo-energy-buy-123653999.html |access-date=2022-10-11 |website=news.yahoo.com |language=en-US}}</ref><ref>{{Cite news |date=2014-07-24 |title=Vitol, Carlyle's Varo Energy buy Total Swiss diesel businesses |language=en |work=Reuters |url=https://www.reuters.com/article/idUKL6N0PZ4KK20140724 |access-date=2022-10-11}}</ref>


=== 2013 ===
In September 2015, the merger with the Dutch oil company [[Argos Energies|Argos Oil]], which also operates a filling station network, and the takeover of Rhytank AG in [[Birsfelden]] in the canton of Basel-Land took place.<ref>{{Cite web |last=Bankes-Hughes |first=Lesley |title=EUROPE: Varo Energy seeking to launch IPO and listing on Euronext Amsterdam |url=https://www.bunkerspot.com/europe/45700-europe-varo-energy-seeking-to-launch-ipo-and-listing-on-euronext-amsterdam |access-date=2022-10-11 |website=Bunkerspot - Independent Intelligence for the Global Bunker Industry |language=en-GB}}</ref>
VARO Energy’ shareholder base was restructured; in place of Atlas Invest, the financial investor Carlyle takes a 50 percent stake<ref>{{Cite web |title=The Carlyle Group and Vitol Group to invest in Varo Energy to Create a Major New Energy Midstream Group across North-West Europe {{!}} Carlyle |url=https://www.carlyle.com/media-room/news-release-archive/carlyle-group-and-vitol-group-invest-varo-energy-create-major-new |access-date=2022-10-18 |website=www.carlyle.com}}</ref><ref>{{Cite news |date=2013-12-19 |title=BRIEF-Carlyle Group says to invest in Varo Energy with Vitol Group |language=en |work=Reuters |url=https://www.reuters.com/article/carlyle-brief-idUKWLB006ET20131219 |access-date=2022-10-18}}</ref>


In Germany, VARO acquired Petrotank and Vitol Marketing Germany.<ref>{{Cite web |title=StackPath |url=https://www.ogj.com/general-interest/companies/article/17258748/omv-agrees-to-sell-its-bayernoil-interest |access-date=2022-10-18 |website=www.ogj.com}}</ref><ref>{{Cite web |title=The Carlyle Group and Vitol Group to invest in Varo Energy |url=https://www.digitalrefining.com/news/1002642/the-carlyle-group-and-vitol-group-to-invest-in-varo-energy |access-date=2022-10-18 |website=www.digitalrefining.com}}</ref>
In 2017, Carlyle Group was estimating the [[Initial public offering|IPO]] for VARO Energy according to the [[The Wall Street Journal|WSJ]]<ref>{{Cite news |last=Kent |first=Ben Dummett and Sarah |date=2017-11-15 |title=Carlyle Eyes Varo Energy IPO Valuing It at Around $2 Billion |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/carlyle-other-varo-energy-owners-eye-ipo-at-around-2-billion-1510734013 |access-date=2022-10-11 |issn=0099-9660}}</ref> and [[Reuters]].<ref>{{Cite news |date=2017-11-15 |title=Carlyle eyes Varo Energy IPO valuing European refiner at $2 bln-WSJ |language=en |work=Reuters |url=https://www.reuters.com/article/varo-energy-ipo-idAFL3N1NL40P |access-date=2022-10-11}}</ref> In 2018, [[Financial Times]] reported that VARO Energy owners had abandoned IPO plans for its subsidiary<ref>{{Cite web |last=Sheppard |first=David |date=10 April 2018 |title=Vitol and Carlyle Group pull €2bn Varo Energy IPO |url=https://www.ft.com/content/41ef41ee-3cd2-11e8-b7e0-52972418fec4 |access-date=2022-10-11 |website=Financial Times}}</ref> while the WSJ reported that the VARO's owners planned Amsterdam listing.<ref>{{Cite news |last=Calatayud |first=Adria |date=2018-03-19 |title=Carlyle-Backed Varo Energy Plans to Float on Euronext Amsterdam |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/carlyle-backed-varo-energy-plans-to-float-on-euronext-amsterdam-1521482363 |access-date=2022-10-11 |issn=0099-9660}}</ref>


=== 2014 ===
In 2019, Bloomberg reported that Chinese billionaire [[Cheng Yu-tung Family|Cheng Family]] was exploring the possibility of buying VARO Energy.<ref>{{Cite web |last=Zhong |first=Carol |date=25 January 2019 |title=Billionaire Cheng Family Explores Buying Varo Energy |url=https://www.bloomberg.com/news/articles/2019-01-25/billionaire-cheng-family-is-said-to-explore-buying-varo-energy |access-date=2022-10-11 |website=www.bloomberg.com}}</ref>
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.<ref>{{Cite web |title=Evaluate Energy – Login |url=https://www.evaluateenergy.com/secure/Login.aspx?ReturnUrl=%2fUniversal%2fView.aspx%3ftype%3dStory%26id%3d131010&CanUseGuest=True |access-date=2022-10-18 |website=www.evaluateenergy.com}}</ref><ref>{{Cite web |title=OMV: Downstream Restructuring on Track – Divestment of Bayernoil – GeoResources |url=https://www.georesources.net/cms.php//archive/1823/omv-downstream-restructuring-on-track-divestment-of-bayernoil |access-date=2022-10-18 |website=www.georesources.net}}</ref>


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.<ref>{{Cite news |date=2014-07-24 |title=UPDATE 1-Vitol, Carlyle's Varo Energy buy Total Swiss diesel businesses |language=en |work=Reuters |url=https://www.reuters.com/article/total-vitol-idUKL6N0PZ4NI20140724 |access-date=2022-10-18}}</ref><ref>{{Cite web |title=Varo Energy conclut l'acquisition de stockage et du commerce de distribution de Total Suisse |url=https://www.euro-petrole.com/varo-energy-conclut-lacquisition-de-stockage-et-du-commerce-de-distribution-de-total-suisse-n-f-10594 |access-date=2022-10-18 |website=www.euro-petrole.com}}</ref>
In January 2022, VARO announced the building of the largest solar statin in Switzerland.<ref>{{Cite web |date=2022-01-14 |title=Größtes Photovoltaik-Kraftwerk der Schweiz entsteht für Direktversorgung einer Raffinerie |url=https://www.pv-magazine.de/2022/01/14/groesstes-photovoltaik-kraftwerk-der-schweiz-entsteht-fuer-direktversorgung-einer-raffinerie/ |access-date=2022-10-11 |website=pv magazine Deutschland |language=de-DE}}</ref><ref>{{Cite web |title=Öl- und Gasbranche: OMV trennt sich von Bayernoil |url=https://www.handelsblatt.com/unternehmen/energie/oel-und-gasbranche-omv-trennt-sich-von-bayernoil/9241392.html |access-date=2022-10-11 |website=www.handelsblatt.com |language=de}}</ref><ref>{{Cite web |last=Turner |first=Elza |date=2022-07-26 |title=REFINERY NEWS ROUNDUP: Renewables projects in Europe |url=https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/petrochemicals/072622-refinery-news-roundup-renewables-projects-in-europe |access-date=2022-10-11 |website=www.spglobal.com |language=en}}</ref>


Roger Brown is appointed chief executive officer of VARO.<ref>{{Cite web |title=Canton de Neuchâtel – Gros investissement à la raffinerie de Cressier |url=https://www.24heures.ch/gros-investissement-a-la-raffinerie-de-cressier-581513466520 |access-date=2022-10-18 |website=[[24 heures (Switzerland)|24 heures]] |language=fr}}</ref>
In July 2022, VARO declared a plan to become a net zero carbon emitter til 2040. The company said it will invest near $3.5B in 2022-2026 in the business, mostly into sustainable energy projects.<ref>{{Cite news |last=Edwards |first=Rowena |date=2022-07-05 |title=Varo Energy sets low carbon strategy, net-zero goals |language=en |work=Reuters |url=https://www.reuters.com/business/energy/varo-energy-sets-low-carbon-strategy-net-zero-goals-2022-07-05/ |access-date=2022-10-11}}</ref>


=== 2015 ===
On 10 October 2022, the Swiss activists blocked access to VARO manufacturing hub of Cressier, [[Neuchâtel]], which resulted in interruption of deliveries.<ref>{{Cite web |last=SDA |title=Klima-Aktivisten blockieren Zufahrt zu Öl-Raffinerie in Cressier NE |url=https://www.nau.ch/news/schweiz/klima-aktivisten-blockieren-zufahrt-zu-ol-raffinerie-in-cressier-ne-66300344 |access-date=2022-10-11 |website=Nau |language=de}}</ref><ref>{{Cite web |title=NE: attivisti lasciano raffineria Cressier, dopo blocco accesso |url=https://www.swissinfo.ch/ita/tutte-le-notizie-in-breve/ne--attivisti-lasciano-raffineria-cressier--dopo-blocco-accesso/47966600 |access-date=2022-10-11 |website=SWI swissinfo.ch |language=it}}</ref>
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.<ref>{{Cite web |title=StackPath |url=https://www.ogj.com/refining-processing/refining/operations/article/17245289/varo-energy-plans-upgrades-for-swiss-refinery |access-date=2022-10-18 |website=www.ogj.com}}</ref><ref>{{Cite web |title=Roger Brown starts as CEO of Varo Energy – Group announces CHF 50 Million investment in Cressier Refinery |url=https://www.euro-petrole.com/roger-brown-starts-as-ceo-of-varo-energy-group-announces-chf-50-million-investment-in-cressier-refinery-n-i-10871 |access-date=2022-10-18 |website=www.euro-petrole.com}}</ref> 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.<ref>{{Cite web |title=StackPath |url=https://www.ogj.com/refining-processing/refining/operations/article/17245289/varo-energy-plans-upgrades-for-swiss-refinery |access-date=2022-10-24 |website=www.ogj.com}}</ref><ref>{{Cite web |title=Roger Brown starts as CEO of Varo Energy – Group announces CHF 50 Million investment in Cressier Refinery |url=https://www.euro-petrole.com/roger-brown-starts-as-ceo-of-varo-energy-group-announces-chf-50-million-investment-in-cressier-refinery-n-i-10871 |access-date=2022-10-24 |website=www.euro-petrole.com}}</ref>

VARO acquired the German wholesale distributors Marol and Gekol.<ref>{{Cite web |title=Varo Energy Germany GmbH, Hamburg |url=https://www.northdata.de/Varo+Energy+Germany+GmbH,+Hamburg/HRB+118673 |access-date=2022-10-18 |website=www.northdata.de |language=de}}</ref><ref>{{Cite web |last=Bankes-Hughes |first=Lesley |title=EUROPE: Varo Energy seeking to launch IPO and listing on Euronext Amsterdam |url=https://www.bunkerspot.com/europe/45700-europe-varo-energy-seeking-to-launch-ipo-and-listing-on-euronext-amsterdam |access-date=2022-10-18 |website=Bunkerspot – Independent Intelligence for the Global Bunker Industry |language=en-GB}}</ref>

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.<ref>{{Cite web |title=Argos et Varo Energy signent un accord de fusion pour former un groupe en aval majeur en Europe du Nord-Ouest |url=https://www.euro-petrole.com/argos-et-varo-energy-signent-un-accord-de-fusion-pour-former-un-groupe-en-aval-majeur-en-europe-du-nord-ouest-n-f-11450 |access-date=2022-10-18 |website=www.euro-petrole.com}}</ref><ref>{{Cite web |title=Argos et Varo Energy finalisent leur fusion et acquièrent la pleine propriété de Rhytank AG |url=https://www.euro-petrole.com/argos-et-varo-energy-finalisent-leur-fusion-et-acquierent-la-pleine-propriete-de-rhytank-ag-n-f-11878 |access-date=2022-10-18 |website=www.euro-petrole.com}}</ref>

The company purchased bunkering activities from Vitol in Germany.<ref>{{Cite web |title=Varo Energy completes acquisition of assets, including stake in Bayernoil refinery, from OMV |url=https://www.euro-petrole.com/varo-energy-completes-acquisition-of-assets-including-stake-in-bayernoil-refinery-from-omv-n-i-9829 |access-date=2022-10-18 |website=www.euro-petrole.com}}</ref>

=== 2016 ===
The company took full control over two tank storage terminals in the Netherlands: Hydrocarbon Hotel and Enviem Terminal.<ref>{{Cite web |title=VARO Energy Takes Full Control Over Hydrocarbon Hotel Tankstorage Terminal {{!}} TankTerminals |url=https://tankterminals.com/news/varo-energy-takes-full-control-over-hydrocarbon-hotel-tankstorage-terminal/ |access-date=2022-10-18 |website=tankterminals.com}}</ref>

VARO expanded its inland bunkering activities by acquiring Fiwado B.V. in the Netherlands.<ref>{{Cite web |last1=Ship |last2=bunker.com |title=Varo Energy to Buy Dutch Bunker Player |url=https://shipandbunker.com/news/emea/237507-varo-energy-to-buy-dutch-bunker-player |access-date=2022-10-18 |website=Ship & Bunker}}</ref>

=== 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.<ref>{{Cite web |last=admin |date=2016-11-16 |title=VARO Energy acquires Inter Oil B.V. |url=https://www.fuelsandlubes.com/varo-energy-acquires-inter-oil-b-v/ |access-date=2022-10-18 |website=F&L Asia |language=en-US}}</ref><ref>{{Cite web |title=VARO {{as written|a|quires [sic]}} Inter Oil BV in the Netherlands – erpecnews live |url=https://www.erpecnewslive.com/article/805/varo-aquires-inter-oil-bv-in-the-netherlands |access-date=2022-10-18 |website=www.erpecnewslive.com}}</ref>

The company acquired the assets of Schneider Mineralöl Meissen GmbH. (retail and direct sales) in Saxony.<ref>{{Cite web |title=VARO announces growth of retail business in Eastern Germany |url=https://www.euro-petrole.com/varo-announces-growth-of-retail-business-in-eastern-germany-n-i-14818 |access-date=2022-10-18 |website=www.euro-petrole.com}}</ref>

VARO expanded its retail network in the Netherlands with the purchase of United Fuel Group B.V. gaining additional fuel stations.<ref>{{Cite web |title=VARO announces further growth of retail activities in the Netherlands |url=https://www.euro-petrole.com/varo-announces-further-growth-of-retail-activities-in-the-netherlands-n-i-15360 |access-date=2022-10-18 |website=www.euro-petrole.com}}</ref><ref>{{Cite web |last=admin |date=2017-06-01 |title=VARO Energy acquires United Fuel Group |url=https://www.fuelsandlubes.com/varo-energy-acquires-united-fuel-group/ |access-date=2022-10-18 |website=F&L Asia |language=en-US}}</ref>

Hydrocarbon Hotel Tankstorage Terminal, purchased in 2016, is sold to Global Petro Storage.<ref>{{Cite web |title=VARO Energy to sell Hydrocarbon Hotel tank terminal to GPS Group |url=https://www.euro-petrole.com/varo-energy-to-sell-hydrocarbon-hotel-tank-terminal-to-gps-group-n-i-14007 |access-date=2022-10-18 |website=www.euro-petrole.com}}</ref><ref>{{Cite web |last=margaret@tankstoragemag.com |date=2016-12-06 |title=Varo to sell Hydrocarbon Hotel storage terminal |url=https://www.tankstoragemag.com/2016/12/06/varo-to-sell-hydrocarbon-hotel-storage-terminal/ |access-date=2022-10-18 |website=Tank Storage Magazine |language=en-US}}</ref>

The former Petrotank terminal situated in Hanau in Germany is sold to Adolf Roth GmbH & Co. KG.<ref>{{Cite web |title=VARO Selling Terminal Hanau in Germany to Adolf Roth {{!}} TankTerminals |url=https://tankterminals.com/news/varo-selling-terminal-hanau-in-germany-to-adolf-roth/ |access-date=2022-10-18 |website=tankterminals.com}}</ref>

=== 2018 ===
VARO purchased Van den Belt gaining several fuel stations in the process.<ref>{{Cite web |title=ACM geeft groen licht voor overname Van den Belt |url=https://www.tankpro.nl/ondernemen/2018/05/11/acm-geeft-groen-licht-voor-overname-van-den-belt/ |access-date=2022-10-18 |website=TankPro.nl |language=nl-NL}}</ref>

VARO acquired Gerber Energie GmbH & retail sites from Wengel & Dettelbacher, and the terminal in [[Bruges|Brugges]], [[Belgium]].<ref>{{Cite news |date=2018-03-01 |title=Varo expands its German retail business through acquisitions |language=en |work=Reuters |url=https://www.reuters.com/article/varo-acquisition-idUKL8N1QJ36D |access-date=2022-10-18}}</ref>

=== 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.<ref>{{Cite web |title=VARO Signs Deal to Acquire the Business Activities of SMD Beheer BV in The Netherlands {{!}} TankTerminals |url=https://tankterminals.com/news/varo-signs-deal-to-acquire-the-business-activities-of-smd-beheer-bv-in-the-netherlands/ |access-date=2022-10-18 |website=tankterminals.com}}</ref><ref>{{Cite web |date=2019-09-23 |title=VARO signs deal to acquire Calpam |url=https://www.oaklins.com/news/en-NL/182170-varo-signs-deal-to-acquire-calpam |access-date=2022-10-18 |website=Oaklins newsroom |language=en}}</ref>

=== 2020 ===
VARO added an additional 6.4% to its stake in Bayernoil, making the company the majority stakeholder with 51.4%.<ref>{{Cite web |date=2020-01-08 |title=VARO becomes majority shareholder in Bayernoil refinery |url=https://www.hydrocarbonengineering.com/refining/08012020/varo-becomes-majority-shareholder-in-bayernoil-refinery/ |access-date=2022-10-18 |website=Hydrocarbon Engineering |language=en}}</ref><ref>{{Cite web |last=margaret@tankstoragemag.com |date=2020-01-08 |title=Varo completes shares purchase in Bayernoil Refinery |url=https://www.tankstoragemag.com/2020/01/08/varo-completes-shares-purchase-in-bayernoil-refinery/ |access-date=2022-10-18 |website=Tank Storage Magazine |language=en-US}}</ref>

=== 2021 ===
Carlyle completes an acquisition of the stake in VARO to hold 66.66% of shares in the company.<ref name="auto2" /><ref>{{Cite web |last=Mendonça |first=Elisângela |title=Carlyle doubles its stake in Swiss refiner Varo Energy |url=https://www.penews.com/articles/carlyle-doubles-its-stake-in-swiss-refiner-varo-energy-20210203 |access-date=2022-10-18 |website=www.penews.com |language=en-GB}}</ref>

VARO completed the purchase of 51% of shares in SilviCarbon.<ref name="auto" />

As of October 1, VARO gains a 67.9% share in E-Flux.<ref name="auto5" /><ref name="auto3" />

=== 2022 ===
Dev Sanyal is appointed chief executive officer of VARO Energy.<ref name="auto3" />

VARO and Group E announced the plan to build the most powerful ground-mounted solar facility in Switzerland, in Cressier.<ref>{{Cite web |date=2022-01-24 |title=Country's most powerful solar facility to be built in the canton of Neuchâtel |url=https://www.ggba-switzerland.ch/en/switzerlands-most-powerful-solar-facility-to-be-built-in-the-canton-of-neuchatel/ |access-date=2022-10-18 |website=GGBA |language=en-US}}</ref>

VARO Energy & GPS Group announced the completion of an integrated biofuels facility in the port of Amsterdam.<ref>{{Cite web |title=VARO Energy and GPS Group announce the completion of an integrated biofuels facility in the Port of Amsterdam – TET |url=https://tetamsterdam.oram.nl/nieuws/varo-energy-and-gps-group-announce-the-completion-of-an-integrated-biofuels-facility-in-the-port-of-amsterdam/ |access-date=2022-10-18 |website=tetamsterdam.oram.nl}}</ref>

VARO announced a new strategy to invest 3.5 billion and help customers meet net zero.<ref name="auto1">{{Cite web |date=2022-07-05 |title=Varo targets net zero by 2040, ups transition funding {{!}} Argus Media |url=https://www.argusmedia.com/en/news/2347615-varo-targets-net-zero-by-2040-ups-transition-funding |access-date=2022-10-18 |website=www.argusmedia.com |language=en}}</ref>

=== 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.<ref>{{Cite news |last= |date=2023-01-12 |title=Varo Energy buys 80% of Dutch biogas firm; aims to double capacity by 2026 |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/varo-energy-buys-80-dutch-biogas-firm-aims-double-capacity-by-2026-2023-01-12/ |access-date=2023-06-20}}</ref>

VARO Energy and Deutsche Lufthansa AG sign a Memorandum of Understanding to explore the production and supply of Sustainable Aviation Fuel.<ref>{{Cite news |last= |date=2023-02-02 |title=Lufthansa and VARO Energy sign MoU on renewable fuels |language=en |work=Reuters |url=https://www.reuters.com/business/sustainable-business/lufthansa-varo-energy-sign-mou-renewable-fuels-2023-02-02/ |access-date=2023-06-20}}</ref>

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.<ref>{{Cite news |last=Bousso |first=Ron |date=2023-06-15 |title=Varo Energy acquires second biogas firm in 2023 |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/varo-energy-acquires-second-biogas-firm-2023-2023-06-15/ |access-date=2023-06-20}}</ref>

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.<ref>{{Cite web |date=2023-09-07 |title=VARO announces plan to build major SAF manufacturing facility |url=https://www.hydrocarbonengineering.com/clean-fuels/07092023/varo-announces-plan-to-build-major-saf-manufacturing-facility/ |access-date=2023-09-29 |website=Hydrocarbon Engineering |language=en}}</ref>

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.<ref>{{Cite web |title=VARO, Groupe E & CSEM Commission Switzerland's Largest Solar Power Facility - Financials and Investment |url=https://www.gulfoilandgas.com/webpro1/main/mainnews.asp?id=976677 |access-date=2023-09-29 |website=www.gulfoilandgas.com}}</ref>

Höegh Autoliners and VARO partner to accelerate Sustainable Shipping.<ref>{{Cite web |title=Höegh Autoliners and VARO partner to accelerate Sustainable Shipping |url=https://www.hoeghautoliners.com/hoeegh-autoliners-and-varo-partner-to-accelerate-sustainable-shipping |access-date=2024-09-19 |website=Höegh Autoliners |language=en}}</ref><ref>{{Cite web |last=Energy |first=Varo |date=2023-12-21 |title=Höegh Autoliners, Varo Energy partner to accelerate sustainable shipping |url=https://www.biobased-diesel.com/post/h%C3%B6egh-autoliners-varo-energy-partner-to-accelerate-sustainable-shipping |access-date=2024-09-19 |website=BiobasedDieselDaily |language=en}}</ref>

=== 2024 ===
VARO Energy acquires 100% of elexon GmbH, a leading European electric vehicle charging infrastructure provider.<ref>{{Cite web |date=2023-12-01 |title=Varo Energy acquires EV charging provider elexon |url=https://www.petrolplaza.com/news/34269 |access-date=2024-01-12 |website=www.petrolplaza.com |language=EN}}</ref>

VARO Charging partners with Truckparkings Rotterdam, to operate new e-truck charging hub in the Port of Rotterdam.<ref>{{Cite web |date=2024-02-08 |title=New e-truck charging hub in the Port of Rotterdam - EV Tech Insider |url=https://evtechinsider.com/new-e-truck-charging-hub-in-the-port-of-rotterdam/ |access-date=2024-09-19 |website=evtechinsider.com |language=en-US}}</ref><ref>{{Cite web |date=2024-09-23 |title=Varo Energy opens new e-truck charging hub in Rotterdam |url=https://www.mobilityplaza.org/news/37269 |access-date=2024-09-19 |website=www.mobilityplaza.org |language=EN}}</ref>

VARO and Orim Energy partner to scale-up sustainable shipping fuel capabilities.<ref>{{Cite web |date=2024-02-21 |title=VARO and Orim Energy to scale-up sustainable shipping fuel capabilities |url=https://www.hydrocarbonengineering.com/clean-fuels/21022024/varo-and-orim-energy-to-scale-up-sustainable-shipping-fuel-capabilities/ |access-date=2024-09-19 |website=Hydrocarbon Engineering |language=en}}</ref><ref>{{Cite web |title=VARO and Orim Energy to scale-up sustainable shipping fuel capabilities {{!}} Tank News International |url=https://tanknewsinternational.com/varo-and-orim-energy-to-scale-up-sustainable-shipping-fuel-capabilities/ |access-date=2024-09-19 |language=en-GB}}</ref>

Gunvor Group announces its plans to join VARO’s large-scale SAF manufacturing facility project in Rotterdam.<ref>{{Cite web |title=VARO’s Rotterdam SAF Project Gains Momentum with Gunvor’s 50% Investment |url=https://www.varoenergy.com/en/news/varo-s-rotterdam-saf-project-gains-momentum-with-gunvor-s-50-investment/ |access-date=2024-09-19 |website=Accelerating the energy transition {{!}} VARO Energy |language=en-GB}}</ref><ref>{{Cite web |last=BioEnergyTimes |date=2024-08-05 |title=Gunvor Group to join VARO Energy in building large-scale SAF manufacturing facility - BioEnergytimes |url=https://bioenergytimes.com/gunvor-group-to-join-varo-energy-in-building-large-scale-saf-manufacturing-facility/ |access-date=2024-09-19 |website=BioEnergy Times |language=en-US}}</ref>

== 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.<ref name="auto1" /><ref name="auto4">{{Cite news |last=Edwards |first=Rowena |date=2022-07-05 |title=Varo Energy sets low carbon strategy, net-zero goals |language=en |work=Reuters |url=https://www.reuters.com/business/energy/varo-energy-sets-low-carbon-strategy-net-zero-goals-2022-07-05/ |access-date=2022-10-18}}</ref>


== References ==
== References ==
{{reflist}}
{{Reflist}}


[[Category:2012 establishments]]
[[Category:Energy companies of Switzerland]]
[[Category:Swiss companies established in 2012]]
[[Category:Companies based in the canton of Zug]]
[[Category:The Carlyle Group companies]]

Latest revision as of 15:08, 12 December 2024

VARO Energy
Company typePrivate
Founded2012
Headquarters
Zug, canton of Zug
,
Switzerland
Area served
principally Europe
Key people
Dev Sanyal (CEO)
Marcel van Poecke (Chairman)
Products
OwnerCarlyle Group (66.6%)
Vitol (33.3%)
Websitehttps://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.[6]

History

[edit]

2012

[edit]

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

[edit]

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

[edit]

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

[edit]

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

[edit]

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

[edit]

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

[edit]

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

[edit]

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

[edit]

VARO added an additional 6.4% to its stake in Bayernoil, making the company the majority stakeholder with 51.4%.[45][46]

2021

[edit]

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

[edit]

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

[edit]

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

[edit]

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

[edit]

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][65]

References

[edit]
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  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. ^ a b "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. ^ "Höegh Autoliners and VARO partner to accelerate Sustainable Shipping". Höegh Autoliners. Retrieved 2024-09-19.
  57. ^ Energy, Varo (2023-12-21). "Höegh Autoliners, Varo Energy partner to accelerate sustainable shipping". BiobasedDieselDaily. Retrieved 2024-09-19.
  58. ^ "Varo Energy acquires EV charging provider elexon". www.petrolplaza.com. 2023-12-01. Retrieved 2024-01-12.
  59. ^ "New e-truck charging hub in the Port of Rotterdam - EV Tech Insider". evtechinsider.com. 2024-02-08. Retrieved 2024-09-19.
  60. ^ "Varo Energy opens new e-truck charging hub in Rotterdam". www.mobilityplaza.org. 2024-09-23. Retrieved 2024-09-19.
  61. ^ "VARO and Orim Energy to scale-up sustainable shipping fuel capabilities". Hydrocarbon Engineering. 2024-02-21. Retrieved 2024-09-19.
  62. ^ "VARO and Orim Energy to scale-up sustainable shipping fuel capabilities | Tank News International". Retrieved 2024-09-19.
  63. ^ "VARO's Rotterdam SAF Project Gains Momentum with Gunvor's 50% Investment". Accelerating the energy transition | VARO Energy. Retrieved 2024-09-19.
  64. ^ BioEnergyTimes (2024-08-05). "Gunvor Group to join VARO Energy in building large-scale SAF manufacturing facility - BioEnergytimes". BioEnergy Times. Retrieved 2024-09-19.
  65. ^ Edwards, Rowena (2022-07-05). "Varo Energy sets low carbon strategy, net-zero goals". Reuters. Retrieved 2022-10-18.
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