VARO Energy, a refiner, storage and distributer of oil products for the North West European market, intends to list on the Euronext Amsterdam stock exchange “in the coming weeks”, it says.
The company, which also operates 12 river bunker stations, manages two refineries with total crude oil processing capacity of 165,000 barrels per day, a bitumen plant, 144 fuel distribution outlets (owned and leased), and 232 retail outlets (fuel service stations and supply outlets).
The offering will consist entirely of existing shares held by its three shareholders: CIEP II S.à r.l. (owned by The Carlyle Group L.P.), North Sea Holding B.V. (controlled by Reggeborgh Invest B.V.), and Vitol Refining Group B.V. (controlled by Vitol Holding II S.A.).
VARO Energy posted revenue of $13.4 billion in 2017, higher than revenue of $10.5 billion in 2016.
“Over the past years VARO has built a strong position in the fuel supply chain in North West Europe,” says Roger Brown, CEO of VARO Energy.
“We have done so through investments in our assets to bolster organic growth and by completing nine acquisitions which we have successfully integrated into the company.
“This sustainable growth strategy enables VARO to provide the most efficient supply solutions to our business clients and consumers across the region.
“We are convinced of the continued demand for fuels, including renewable fuels by our customers and believe we are well positioned to meet this demand. We are ready for the next stage of VARO’s development and growth.
“Bringing VARO to the public markets will enable us to access capital, strengthen our brand and further improve our position as an integrated fuel supply company.
“It will enable us to successfully execute our growth strategy in support of our mission to safely supply the fuels required by our local and international customers, where they are needed and when they are needed, 24 hours a day, 365 days a year.”
Manifold Times earlier reported VARO Energy acquiring German bunkering firm NWB Nord- und Westdeutsche Bunker GmbH from Bomin Bunker Holding GmbH & Co. KG.
Reinplus Fiwado Bunker, a subsidiary of VARO Energy, in January partnered with GoodFuels Marine to offer biofuel bunkers along inland shipping routes in the Netherlands.
Related: Bomin sells off German bunker subsidiary
Related: Biofuel bunkers make headway into Netherlands
Photo credit: VARO Energy
Published: 20 March, 2018
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