Varo Energy completes acquisition of assets, including stake in Bayernoil refinery, from OMV

abarrelfull wrote on 03 Jul 2014 07:38
Tags: bayernoil europe germany omv refinery varo vitol

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Varo Energy B.V. (Varo Energy) has completed the acquisition of shares currently held by OMV Deutschland GmbH (Vienna SE – OMV:AV) in Bayernoil Raffineriegesellschaft mbH, as well as certain downstream assets owned by OMV Deutschland GmbH.

The acquisition establishes Varo Energy as a major midstream energy business in north-west Europe focused on three core areas: refining; wholesale distribution; and storage. It has a combined refining capacity of 160,000 bbl/d, sales of 10 million cubic metres per year and 1.7million cubic metres of storage capacity.

Varo Energy’s assets include the Cressier refinery in Switzerland, a 45% share of the Bayernoil refinery in Germany, all the Petrotank storage facilities throughout Germany, additional storage facilities in Switzerland, and further downstream assets in Germany. The business serves clients in Northern Germany, Bavaria and along the Rhine, as well as throughout Switzerland, and will continue to seek opportunities to further strengthen its position.

Varo Energy is owned by Vitol (50%) and Carlyle International Energy Partners (CIEP) (50%).

• Varo Energy completes acquisition of assets, including stake in Bayernoil refinery, from OMV

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