24-07-2014
Varo Energy acquires storage and general trade businesses in Switzerland from Total
The Varo Energy Group of Companies (Varo Energy) has acquired storage assets and Total’s heating oil and diesel business units from Total Suisse S.A. (Total). The acquisition underlines Varo Energy’s commitment to growing the Group into a major midstream energy company covering North West Europe by extending its activities to deliver products directly to Swiss customers.
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. These assets complement Varo Energy’s current network of refining, storage and distribution facilities in North West Europe, which include its wholly owned refinery in nearby Cressier, Neuchâtel. The acquisition is scheduled for completion later this year. Financial details of the transaction were not disclosed.
“Adding business units which will allow us to distribute our products directly to the end consumer is an important milestone for Varo Energy’s growth and development. We now have the capability of serving customers with the same quality products coming straight from our refineries”, said Andreas Flütsch, Managing Director of Varo Energy.
In addition to the Cressier refinery, Varo Energy’s assets also include a 45% share of the Bayernoil refinery in Germany, all 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.
News Category:
-
Beyond processbook & PI vision: Exploring today’s industrial analytics tools
(Webinar) - In the Manufacturing 4.0 era, industrial organizations have more data at their fingertips than ever, offering the promise of higher production rates, more ...
04-06-2024
-
Sasol provides state of the art catalysts to INERATEC for the production of sustainable e-fuels
The catalysts will be used, among others, in the first large-scale industrial Power-to-Liquid (PtL) plant that INERATEC is currently building in Frankfurt, Germany, which ...
24-04-2024
-
Baker Hughes to supply 17 centrifugal compressors to Saudi Master Gas System project
Baker Hughes, an energy technology company, announced Tuesday that it has received an order by Worley, for and on behalf of Aramco, to supply gas technology equipment ...
23-04-2024
-
SABIC Fujian Petrochemicals select Phenol yechnology from KBR
KBR announced today it has been awarded a contract by SABIC Fujian Petrochemicals to license KBR's market-leading phenol technology in China. Under the terms of the ...
22-04-2024
-
Lummus Expands R&D capabilities to enhance innovation and water and wastewater technologies
Lummus Technology, a global provider of process technologies and value-driven energy solutions, announced the opening of its cutting-edge research and development (R&D) ...
17-04-2024
-
Clariant launches new CATOFIN® 312 propane dehydrogenation catalyst
Clariant, a sustainability-focused specialty chemical company, today announced the launch of CATOFIN 312, its latest propane dehydrogenation catalyst. The new catalyst ...
16-04-2024
-
Yokogawa and GridBeyond conclude investment and strategic partnership agreements
Yokogawa Electric Corporation and energy IT solutions provider GridBeyond of Ireland announce that they have concluded a strategic partnership agreement. Furthermore, ...
16-04-2024
-
Heraeus Precious Metals launches Circlear
Heraeus Precious Metals, a globally leading company in the precious metals industry and one of the largest recyclers of precious metals, has introduced its new offering ...
16-04-2024
-
EMA and JERA to cooperate on LNG procurement and supply chains
The Energy Market Authority and JERA Co Inc, have signed a Memorandum of Understanding to cooperate on mutually beneficial areas in liquefied natural gas procurement ...
16-04-2024
-
Hexagon and Dragos unveil technical partnership to strengthen industrial cybersecurity
Hexagon’s Asset Lifecycle Intelligence division today announced a strategic partnership with Dragos, a global leader in cybersecurity for operational technology (OT). ...
16-04-2024