{{Short description|Swiss company}}
{{Infobox company | name = VAROPreem | logo = VAROPreem Logo Indigo.png | former_name = VARO Energy | type = Private | industry = Energy | founded = {{start date and age|2012}}<br />{{small|(as VARO Energy)}}<br />{{start date and age|2026}}<br />{{small|(as VAROPreem)}} | hq_location_city = Zug, canton of Zug | hq_location_country = Switzerland | area_served = principally Europe | key_people = Dev Sanyal {{small|(CEO)}} | owner = | website = https://www.varopreem.com }} '''VAROPreem''' is a leading energy company based in Zug, Switzerland,<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> formed through the combination of VARO Energy and Preem AB. Dev Sanyal is the Group Chief Executive Office of VAROPreem.<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>
The company operates across the integrated energy value chain - from manufacturing and sourcing to storage, distribution, marketing, and trading with a portfolio that spans both conventional and sustainable energies.
VAROPreem owns and operates critical infrastructure essential to Europe's energy security. It is the third-largest independent refiner in the region and the second-largest renewable fuels producer in Europe, and one of the top six globally.
Its integrated business includes six manufacturing hubs and access to more than 120 terminals, serving a broad base of mobility and industrial customers across 33 countries.<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> The company supplies 10% of Europe's road and marine fuel demand through its integrated supply and distribution network.<ref>{{Cite web |date=2026-01-16 |title=VARO completes acquisition to create VAROPreem |url=https://www.bioenergy-news.com/news/varo-completes-acquisition-to-create-varopreem/ |access-date=2026-01-16 |website=Bioenergy Insight |language=en-US}}</ref>
In Sweden, the company operates Lysekil and Gothenburg manufacturing hubs. In Germany, it holds a majority interest in both Neustadt and Vohburg refineries. The company owns the only refinery in Switzerland in Cressier refinery and is an 80% shareholder in the world-scale biogas manufacturing facility at Coevorden in The Netherlands. Combined, these six manufacturing hubs have a processing capacity of 530 kbd of conventional fuels, 1.3mtpa of renewable fuels and 450 GWh of biogas. VAROPreem also owns 100% share in elexon, a leading European developer of commercial vehicle charging.<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><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 |archive-url=https://web.archive.org/web/20221018132723/https://www.s-ge.com/en/article/news/202201-cleantech-switzerlands-most-powerful-solar-facility-be-built-canton-neuchatel |archive-date=2022-10-18 |access-date=2022-10-18 |website=S-GE |language=en}}</ref>
The company supplies 10% of Europe's road and marine fuel demand through its integrated supply and distribution network.
Marcel van Poecke is the chair of the supervisory board. Dev Sanyal is the Group Chief Executive Officer and was appointed on 1 January 2022 as CEO in the predecessor VARO Energy. Prior to this, he served over a decade on the group executive committee of BP in a 32-year career in the company.
== History ==
=== 2012 === VARO Energy was created with the acquisition of a Swiss refinery from Petroplus located in Cressier, 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 the then newly created firm.<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=NZZ}}</ref>
=== 2013 === 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, it 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|date=19 December 2013 }}</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>
=== 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.<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 |archive-date=2022-10-18 |archive-url=https://web.archive.org/web/20221018132716/https://www.evaluateenergy.com/secure/Login.aspx?ReturnUrl=%2FUniversal%2FView.aspx%3Ftype%3DStory%26id%3D131010&CanUseGuest=True }}</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>
Roger Brown is appointed CEO 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 |date=21 January 2015 |language=fr}}</ref>
=== 2015 === It invested over CHF 50 million 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|date=23 January 2015 }}</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|date=23 January 2015 }}</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>
In addition to purchasing 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> 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 |date=20 March 2018 |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>
=== 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>
It 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 |date=11 May 2018 |language=nl-NL}}</ref> The firm acquired Gerber Energie GmbH & retail sites from Wengel & Dettelbacher, and the terminal in 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">{{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=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>
After buying 51% of the shares 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> VARO announces that the company has signed an agreement to acquire 49,5 % of the shares in E-Flux, a Dutch technology company that provides software for electric vehicle charging.<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/ |archive-url=https://web.archive.org/web/20221018132716/https://www.e-flux.io/en/varo-enters-emobility-solutions-through-acquisition-of-stakes-in-e-flux/ |archive-date=2022-10-18 |access-date=2022-10-18 |website=E-Flux EN |language=nl}}</ref><ref name="auto3" />
=== 2022 === With Dev Sanyal appointed as the new CEO of VARO,<ref name="auto3" /> the company 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> Furthermore, VARO and 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 |archive-date=2022-10-18 |archive-url=https://web.archive.org/web/20221018132831/https://tetamsterdam.oram.nl/nieuws/varo-energy-and-gps-group-announce-the-completion-of-an-integrated-biofuels-facility-in-the-port-of-amsterdam/ }}</ref>
The firm 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 === In the year that it signs a Memorandum of Understanding with Deutsche Lufthansa AG to explore the production and supply of Sustainable Aviation Fuel (SAF),<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 announces the acquisition of 80% of the shares of one of the largest European biogas manufacturers, the Dutch company Bio Energy Coevorden BV.<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 increases its shareholding in Road (E-Flux) to 66.3% and commits significant investment for new market entry in France, Italy, Spain and the UK, and market expansion in Germany. It 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>
In addition to partnering with Höegh Autoliners 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> the company announced its plan to invest $600 million to build a major SAF 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, 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>
=== 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>
=== 2025 === In March, VARO announced it reached an agreement to acquire Preem by purchasing 100% of the shares in its parent company, Corral Petroleum Holdings AB, in an all-cash transaction. The deal is expected to close in the second half of 2025, pending the usual closing conditions and regulatory approvals.<ref>{{Cite news |date=2025-04-01 |title=Szwajcarskie Varo Energy kupuje Preem - największą firmę paliwową Szwecji |url=https://skandynawiainfo.pl/szwajcarskie-varo-energy-kupuje-preem-najwieksza-firme-paliwowa-szwecji/ |work=Skandynawiainfo |pages=pl}}</ref>
== Creation of VAROPreem (2026) ==
=== 2026 === Following regulatory approval, VARO completed the acquisition of Preem on January 16, leading to the creation of VAROPreem. The new company owns the Lysekil and Gothenburg manufacturing hubs in Sweden, the Cressier manufacturing hub in Switzerland, supported by an expanded distribution and logistics network.
The combined company also includes VARO's existing majority stake in the Neustadt and Vohburg (Bayernoil) manufacturing hub in Germany and an 80% interest in the large-scale biogas facility in Coevorden, the Netherlands.<ref>{{Cite web |date=2026-01-16 |title=VARO completes acquisition to create VAROPreem |url=https://www.bioenergy-news.com/news/varo-completes-acquisition-to-create-varopreem/ |access-date=2026-01-16 |website=Bioenergy Insight |language=en-US}}</ref>
== Operations == VAROPreem operates an extensive energy supply network across Europe, comprising manufacturing facilities, storage terminals, deep-water ports, and distribution assets. The system connects six manufacturing hubs, more than 120 terminals, and a range of retail and inland bunkering sites.
This integrated network enables the company's conventional fuel supply activities and provides the scale for the development and distribution of renewable fuels and lower-carbon energy solutions.<ref>{{Cite web |title=VARO announces transformative acquisition of Preem AB to create a leading energy provider to customers in the Mobility and Industrial sectors |url=https://www.euro-petrole.com/varo-announces-transformative-acquisition-of-preem-ab-to-create-a-leading-energy-provider-to-customers-in-the-mobility-and-industrial-sectors-n-i-28257 |access-date=2026-01-16 |website=www.euro-petrole.com}}</ref> The firm also has access to storage, blending, and distribution infrastructure serving road transport, aviation, marine, and industrial customers.
Its refining system includes the Cressier refinery in Switzerland and the Gothenburg and Lysekil refineries in Sweden. It also holds a majority stake in the Neustadt and Vohburg manufacturing hub (Bayernoil) in Germany, and an 80% interest in the biogas facility at Coevorden in the Netherlands.
The company owns 100% of elexon, a European developer of commercial vehicle charging infrastructure; and 67.9% of Road, an electric-vehicle charging platform provider.<ref>{{Cite web |last1=Infra-Be |last2=Scorah |first2=Dan |date=2025-03-31 |title=VARO Energy has finalized a deal to acquire Preem Holding AB and Preem AB |url=https://infra-be.com/varo-energy-has-finalized-a-deal-to-acquire-preem-holding-ab-and-preem-ab/ |access-date=2026-01-16 |website=Infra-Be |language=en}}</ref><ref>{{Cite news |date=2025-03-31 |title=Vitol-Backed Varo Agrees to Buy Preem in Bet on Renewable Fuels |url=https://www.bloomberg.com/news/articles/2025-03-31/vitol-backed-varo-agrees-to-buy-preem-in-bet-on-renewable-fuels |access-date=2026-01-16 |work=Bloomberg.com |language=en}}</ref>
== Leadership == VAROPreem is led by Dev Sanyal, as Group Chief Executive Officer. He previously served as CEO of VARO Energy from 1 January 2022 and held senior leadership roles at BP spanning 32 years.
The company's leadership team brings together executives from the former VARO and Preem organisations.
* Magnus Heimburg, Deputy Chief Executive Officer and EVP Markets & Customers * Georges Menane, EVP and Group Chief Financial Officer * Hugues Bourgogne, EVP Manufacturing, Projects & Technology * Stewart Peter, EVP Trading & Optimisation * Theo Pannekeet, EVP Sustainable Energies Value Chain * Eric Westerholm, EVP Strategy & Transformation * Susanne Stenman, EVP Data & Information Technology * Gilles Vollin, EVP Integration, People & Communication
== Sustainability == VAROPreem pursues a sustainability strategy that builds on the activities previously developed by VARO Energy and Preem, with a focus on biofuels, biogas and e-mobility. The combined company has a renewable fuels processing capacity of approximately 1.3 million tonnes per annum (mtpa), making VAROPreem the second-largest renewable fuels producer in Europe.
Its strategy is built on two complementary engines – Engine 1 for conventional and Engine 2 for sustainable energies. 50% of the company's earnings are currently coming from its sustainable energies business.<ref name="auto4">{{Cite news |last=Edwards |first=Rowena |date=2022-07-05 |title=Varo Energy sets low carbon strategy, net-zero goals |url=https://www.reuters.com/business/energy/varo-energy-sets-low-carbon-strategy-net-zero-goals-2022-07-05/ |access-date=2022-10-18 |work=Reuters |language=en}}</ref>
VAROPreem is also working to reduce emissions across its operations by upgrading and repurposing existing assets. This includes measures such as efficiency improvements, energy-saving initiatives and the expansion of renewable fuel production capacity through the co-processing of renewable feedstocks at its refineries.<ref>{{Cite web |last=Hofmann |first=melissa |date=2025-03-31 |title=VARO announces transformative acquisition of Preem AB to create a leading energy provider to customers in the mobility and industrial sectors |url=https://storageterminalsmag.com/varo-announces-transformative-acquisition-of-preem-ab-to-create-a-leading-energy-provider-to-customers-in-the-mobility-and-industrial-sectors/ |access-date=2026-01-16 |website=Storage Terminals Magazine |language=en-GB}}</ref>
It engages with customers across road transport, marine, aviation and industrial sectors to support the adoption of lower-carbon energy alternatives.<ref name="auto1" />
With renewables, VAROPreem refer to biofuel and LNG<ref name="auto4" />. LNG results in a 25 % reduction in Greenhouse gas emissions compared to coal<ref>{{Cite web |date=2025-06-19 |title=New IEA report assesses emissions from LNG supply and maps out opportunities to reduce them - News |url=https://www.iea.org/news/new-iea-report-assesses-emissions-from-lng-supply-and-maps-out-opportunities-to-reduce-them |access-date=2026-04-29 |website=IEA |language=en-GB}}</ref>. VAROPreem owns the company Sunpine<ref>{{Cite web |title=Om oss — Sunpine |url=https://www.sunpine.se/om-oss/ |access-date=2026-04-29 |website=www.sunpine.se |language=sv-SE}}</ref> who manufactures tall oil which is being utilized in order to increase the renewable part in fossil fuel. Biofuels are commonly considered to emit less greenhouse gas than fossil fuel. The origins of biofuel is organic matter, which has the capacity to store carbon dioxide<ref>{{Cite journal |last1=Lewandrowski |first1=Jan |last2=Rosenfeld |first2=Jeffrey |last3=Pape |first3=Diana |last4=Hendrickson |first4=Tommy |last5=Jaglo |first5=Kirsten |last6=Moffroid |first6=Katrin |date=2020-04-02 |title=The greenhouse gas benefits of corn ethanol – assessing recent evidence |url=https://www.tandfonline.com/doi/full/10.1080/17597269.2018.1546488 |journal=Biofuels |language=en |volume=11 |issue=3 |pages=361–375 |doi=10.1080/17597269.2018.1546488 |bibcode=2020Biofu..11..361L |issn=1759-7269}}</ref>, which then in calculations reduces the sum of carbon dioxide emissions into the atmosphere, resulting in a mathemetical zero-sum game.
In 2018 Preem contributed with emissions of 60 Million tonnes carbon dioxide, of which 83 % came from the utilization or consumption of the company's petroleum products<ref name=":0">{{Cite web |date=February 2022 |title=Preem CCS. Synthesis of main project. Findings and insights. |url=https://research.chalmers.se/publication/528685/file/528685_Fulltext.pdf}}</ref>. In 2026, fossil fuels account for 69 % of total greenhouse gas emissions globally<ref>{{Cite book |last=United Nations Environment Programme |url=https://wedocs.unep.org/20.500.11822/48854 |title=Emissions Gap Report 2025: Off Target - Continued Collective inaction puts Global Temperature Goal at Risk |date= 2025|publisher=United Nations Environment Programme |isbn=978-92-807-4239-8 |doi=10.59117/20.500.11822/48854}}</ref>. All forms of greenhouse gas emissions need to be drastically and immediately reduced in order to mitigate global warming <ref>{{Cite web |date=2024-10-16 |title=World Energy Outlook 2024 – Analysis |url=https://www.iea.org/reports/world-energy-outlook-2024 |access-date=2026-04-29 |website=IEA |language=en-GB}}</ref><ref>{{Cite web |author=United Nations |title=A Moment of Opportunity |url=https://www.un.org/en/climatechange/moment-opportunity-2025 |access-date=2026-04-29 |website=United Nations |language=en}}</ref>. Like several other fossil fuel companies who nonetheless wish to refer to themselves as sustainable, VAROPreem emphasize how they make efforts to reduce these emissions, or how petroleum products currently are necessary<ref>{{Cite web |title=Preem Annual sustainability report 2024 |url=https://www.varopreem.com/media/ldrdvh5e/preem-annual-sustainablity-report-2024.pdf}}</ref>. This has been labelled "climate obstruction", referring to an actor that recognizes global warming but simultaneously continues their activities that are damaging for the climate or that obstructs mitigating activities<ref>{{Cite journal |last1=Palazzo |first1=Fernando Procópio |last2=Hendlin |first2=Yogi Hale |date=2025-05-26 |title=Norwegian state-corporate climate obstruction and ecological harms in Brazil |url=https://www.tandfonline.com/doi/full/10.1080/17565529.2025.2502479 |journal=Climate and Development |language=en |pages=1–13 |doi=10.1080/17565529.2025.2502479 |issn=1756-5529|doi-access=free }}</ref>. An analysis of Preem's sustainability reports show that the company is aware of how "its environmental performance does not alight with its environmental communication" (p. 6), that the Preem aims to redefine what environmental sustainability means, in so-called greenwashing, and that there is no evidence that Preem actually work towards any sustainable solutions beyond the legal minimum requirements<ref>{{Cite journal |last=Roos |first=Andreas |last2=Ekberg |first2=Kristoffer |date=2026-07-01 |title=Green petroculture: Insights from the oil corporation Preem's tall oil strategy |url=https://www.sciencedirect.com/science/article/pii/S0959378026000543 |journal=Global Environmental Change |volume=98 |article-number=103165 |doi=10.1016/j.gloenvcha.2026.103165 |issn=0959-3780|doi-access=free }}</ref>.
VAROPreems oil refineries in Sweden in Lysekil and Gothenburg account for a large part of Sweden's emissions of greenhouse gas emissions. During 2024, the activity at Swedish refineries, the burning of industrial gas at the refineries and the distribution of oil, accounted for emissions of 2.7 million tonnes of carbon dioxide<ref>{{Cite web |title=Industry: emissions of greenhouse gas |url=https://www.naturvardsverket.se/data-och-statistik/klimat/vaxthusgaser-utslapp-fran-industrin/ |access-date=2026-04-29 |website=www.naturvardsverket.se}}</ref>. Of these, two million tones of carbon dioxide are emitted by refineries owned by VAROPreem<ref name=":0" />.
== Greenwashing == During 2019 and 2020, Preem was engaged in a greenwashing campaign, defined as a misleading communication concerning environmental and climate related issues, with the aim of enabling business-as-usual<ref>{{Cite journal |last1=de Freitas Netto |first1=Sebastião Vieira |last2=Sobral |first2=Marcos Felipe Falcão |last3=Ribeiro |first3=Ana Regina Bezerra |last4=Soares |first4=Gleibson Robert da Luz |date=December 2020 |title=Concepts and forms of greenwashing: a systematic review |journal=Environmental Sciences Europe |language=en |volume=32 |issue=1 |article-number=19 |doi=10.1186/s12302-020-0300-3 |doi-access=free |issn=2190-4707}}</ref>. Preem made several statements concerning the environmental sustainability of their products and their company, among other things concerning the benefits of utilizing biofuel, concerning the production process of their petroleum products, and concerning their still non-existent technique for capturing carbon dioxide from the atmosphere<ref>{{Cite journal |last=Roos |first=Andreas |date=2025-03-15 |title=Greenwashing: a critical realist approach to the study of false ecological claims |url=https://www.tandfonline.com/doi/full/10.1080/14767430.2025.2503634 |journal=Journal of Critical Realism |language=en |volume=24 |issue=2 |pages=176–197 |doi=10.1080/14767430.2025.2503634 |issn=1476-7430|doi-access=free }}</ref>. The carbon capture technique may play an important but limited part in ambitions to become climate neutral<ref name=":0" />. However, the carbon dioxide that can be captured comes from the production process only. The rest comes from other parts of the value chain such as the utilization of the products that VAROPreem produces and sells<ref name=":0" />.
The Friends of the Earth rewarded Preem with the Swedish greenwashing award in 2019, with the motivation that Preem had more than other companies made an effort to create a green image despite the emissions resulting from their activities and products, and promised more than they could live up to concerning environmental actions. The research and media analysis network De Smog concluded that Preem more than other European fossil fuel companies marketed themselves as green or sustainable on social media and simultaneously omitting that 98% of their business was founded on petroleum products<ref>{{Cite web |last=karin-holmberg |date=2021-10-06 |title=Ny analys: Preem värst på greenwashing |url=https://www.etc.se/klimat-miljo/ny-analys-preem-varst-pa-greenwashing |access-date=2026-04-29 |website=Dagens ETC |language=sv}}</ref>. Preem was found guilty of misleading advertisement by the Swedish advertising ombudsman, after they had published an advertisement that looked like a news article, where Preem claimed that the emissions would be lower if they enlarged their refinery in Lysekil<ref>{{Cite web |last=joergen-lund |date=2020-05-09 |title=Preem fälls för reklamartikel: "Greenwashing" |url=https://www.etc.se/klimat-miljo/preem-falls-reklamartikel-skolboksexempel-pa-greenwashing |access-date=2026-04-29 |website=Dagens ETC |language=sv}}</ref>.
== See also ==
* Preem (legacy page)
== References == {{Reflist}}
Category:Energy companies of Switzerland Category:Swiss companies established in 2012 Category:Companies based in the canton of Zug Category:The Carlyle Group companies