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'''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 removal]]s 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]].<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 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 removal]]s 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]].<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, Southern Germany,<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> as well as storage facilities, distribution and marketing businesses in [[Benelux]], France, Germany and Switzerland.<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> The company also owns 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 Removals (CDRs) 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" />
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, Southern Germany,<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> as well as storage facilities, distribution and marketing businesses in [[Benelux]], France, Germany and Switzerland.<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> The company also owns 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 Removals (CDRs) 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" />

Revision as of 14:54, 3 July 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%)

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]

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]

References

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  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. ^ a b c d Coleman, Nick (2022-01-04). "BP veteran Sanyal becomes Varo CEO, spearheading transition drive". www.spglobal.com. Retrieved 2022-10-18.
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  8. ^ a b "VARO Energy announces the acquisition of SilviCarbon". www.euro-petrole.com. Retrieved 2022-10-18.
  9. ^ a b Boudewijn (2021-10-06). "VARO enters eMobility solutions through acquisition of stakes in E-Flux". E-Flux EN (in Dutch). Retrieved 2022-10-18.
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  12. ^ Kapp, Jean-Pierre (2 May 2016). "Die Neuenburger Raffinerie läuft wie geschmiert". NZZ.
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  33. ^ admin (2016-11-16). "VARO Energy acquires Inter Oil B.V." F&L Asia. Retrieved 2022-10-18.
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  43. ^ "VARO Signs Deal to Acquire the Business Activities of SMD Beheer BV in The Netherlands | TankTerminals". tankterminals.com. Retrieved 2022-10-18.
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  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. ^ "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.
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