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
The Gas Agility has the ability to bunker 23,000 TEU container ships, allowing them to sail 19,500 nautical miles covering a round-trip voyage from Europe to the Far East.
Demand for the vessel exhaust cleaning equipment known as scrubbers has fallen because of a narrowing spread between high- and low-sulphur fuel, it says.
‘China, with ample MGO supply, is well positioned to attract shippers,’ says Wood Mackenzie.
Firm will supply LNG and LBM using the 6,000 m3 LBV "Optimus", which will operate under the company’s license in the ARA and Zeebrugge ports.
Restriction takes effect on Friday, 9 Aug from 1500hrs to 2200hrs, says Maritime and Port Authority of Singapore.
‘We don't want to be playing defense for the next two years in anticipation of 2020,’ says President.
“In TotalEnergies, we already have projects along the e-Fuel value chain, from green electricity and green / blue hydrogen to e-Fuel production that will be integrated along the marine fuels value chain in time to come,” shares Louise Tricoire.
Buyers can nominate deliveries on platform and plan operations together with suppliers following ‘one single truth’ concept with all players aware of what has been agreed when and by whom, says DNV spokesman.
Rotterdam’s intention to mandate the usage of MFMs goes down well with licensed bunker supplier VT Group; MFM providers supportive of move but stressed continuous monitoring is needed for optimum performance.
Cost of alternative bunker fuels, bunker operations and technology advancement are some considerations to be examined by the maritime industry, says Neo, director of SDE International Pte Ltd.
Kim Hyung Joon and Han Donghoon were planning to join the Singapore entities of Hartree Group - either Hartree Partners Singapore Pte Ltd or Hartree Marine Fuels - in October, discovered management.
‘When you think of Helmsman on the next occasion, think of us as lawyers with expertise in various fields. Come to us before a problem develops. It’s the process that matters,’ says Tang Chong Jun, Executive Director.
