VARO Energy: Difference between revisions
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{{Short description|Swiss company}} |
{{Short description|Swiss company}}{{Infobox company |
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{{Orphan|date=October 2022}} |
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{{Infobox company |
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| logo = VARO Energy Logo.png |
| logo = VARO Energy Logo.png |
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| hq_location_city = Zug |
| hq_location_city = Zug |
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Revision as of 16:04, 12 October 2022
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| Headquarters | Zug , Switzerland |
|---|---|
Key people | Dev Sanyal (CEO) |
| Products | energy |
| Website | http://www.varoenergy.com/ |
VARO Energy based in Zug, Switzerland, is a leading European energy company established in 2012.[1] 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 Carlyle Group.[2] It's CEO is Dev Sanyal.[3]
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 Swiss refinery Cressier from insolvent Petroplus.[4][5]
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 PT Holdings, the holding company for 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 Austrian oil group OMV, as well as other downstream assets in Germany.
With 51.43[6] percent, VARO Energy is also the largest shareholder in Bayernoil with the refineries in Vohburg an der Donau and in Neustadt an der Donau.[7]
In 2014, VARO bought diesel and heating oil storage from Total Suisse S.A.[8][9]
In September 2015, the merger with the Dutch oil company 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.[10]
In 2017, Carlyle Group was estimating the IPO for VARO Energy according to the WSJ[11] and Reuters.[12] In 2018, Financial Times reported that VARO Energy owners had abandoned IPO plans for its subsidiary[13] while the WSJ reported that the VARO's owners planned Euronext listing.[14]
In 2019, Bloomberg reported that Chinese billionaire Cheng Family was exploring the possibility of buying VARO Energy.[15]
In January 2022, VARO announced the building of the largest solar statin in Switzerland.[16][17][18]
In July 2022, VARO declared a plan to become a net zero carbon emitter till 2040. The company said it will invest near $3.5B in 2022-2026 in the business, mostly into sustainable energy projects.[19]
On 10 October 2022, the Swiss activists blocked access to VARO manufacturing hub of Cressier, Neuchâtel, which resulted in interruption of deliveries.[20][21]
References
- ^ "Mineralölkonzern Varo Energy geht an die Börse". Finanz und Wirtschaft (in German). Retrieved 2022-10-11.
- ^ Perkins, Robert (2021-02-03). "Carlyle doubles stake in Swiss refiner Varo, with eye on biofuels expansion". www.spglobal.com. Retrieved 2022-10-11.
- ^ "Die Schweizer Raffinerie Cressier kommt längst ohne russisches Erdöl aus". NZZ. 5 May 2022.
- ^ "Rosneft Sells 5% in Vostok Oil to a Consortium of Vitol and MME". www.euro-petrole.com. Retrieved 2022-10-11.
- ^ Pierre, Jean (2 May 2016). "The Neuchâtel refinery is running like clockwork". NZZ.
- ^ Glas, Othmara. "Deutsche Öl- und Gaspipelines: Welche deutschen Pipelines Russland gehören". FAZ.NET (in German). ISSN 0174-4909. Retrieved 2022-10-11.
- ^ "Varo Energy to raise stake in Germany's Bayernoil refining complex". Reuters. 2019-08-09. Retrieved 2022-10-11.
- ^ "Vitol, Carlyle's Varo Energy buy Total Swiss diesel businesses". news.yahoo.com. Retrieved 2022-10-11.
- ^ "Vitol, Carlyle's Varo Energy buy Total Swiss diesel businesses". Reuters. 2014-07-24. Retrieved 2022-10-11.
- ^ Bankes-Hughes, Lesley. "EUROPE: Varo Energy seeking to launch IPO and listing on Euronext Amsterdam". Bunkerspot - Independent Intelligence for the Global Bunker Industry. Retrieved 2022-10-11.
- ^ Kent, Ben Dummett and Sarah (2017-11-15). "Carlyle Eyes Varo Energy IPO Valuing It at Around $2 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-10-11.
- ^ "Carlyle eyes Varo Energy IPO valuing European refiner at $2 bln-WSJ". Reuters. 2017-11-15. Retrieved 2022-10-11.
- ^ Sheppard, David (10 April 2018). "Vitol and Carlyle Group pull €2bn Varo Energy IPO". Financial Times. Retrieved 2022-10-11.
- ^ Calatayud, Adria (2018-03-19). "Carlyle-Backed Varo Energy Plans to Float on Euronext Amsterdam". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-10-11.
- ^ Zhong, Carol (25 January 2019). "Billionaire Cheng Family Explores Buying Varo Energy". www.bloomberg.com. Retrieved 2022-10-11.
- ^ "Größtes Photovoltaik-Kraftwerk der Schweiz entsteht für Direktversorgung einer Raffinerie". pv magazine Deutschland (in German). 2022-01-14. Retrieved 2022-10-11.
- ^ "Öl- und Gasbranche: OMV trennt sich von Bayernoil". www.handelsblatt.com (in German). Retrieved 2022-10-11.
- ^ Turner, Elza (2022-07-26). "REFINERY NEWS ROUNDUP: Renewables projects in Europe". www.spglobal.com. Retrieved 2022-10-11.
- ^ Edwards, Rowena (2022-07-05). "Varo Energy sets low carbon strategy, net-zero goals". Reuters. Retrieved 2022-10-11.
- ^ SDA. "Klima-Aktivisten blockieren Zufahrt zu Öl-Raffinerie in Cressier NE". Nau (in German). Retrieved 2022-10-11.
- ^ "NE: attivisti lasciano raffineria Cressier, dopo blocco accesso". SWI swissinfo.ch (in Italian). Retrieved 2022-10-11.