Varo to Become Majority Shareholder in Bayernoil Refinery

Source Press Release
Company Varo Energy B.V.BP Plc. 
Tags Pipelines/ tankers/ distribution, Asset Deals, Deals, Refining & Marketing Activities
Date August 09, 2019

VARO Energy (“VARO”), a company active in refining, storage and marketing of fuels and related products in North West Europe announces the company’s intention to acquire further shares in the Bayernoil Refinery, from co-shareholder BP Europa SE (“BP”).

VARO and BP have signed an agreement, whereby VARO will acquire an additional shareholding of up to 10% in Bayernoil. In addition, VARO will purchase BP’s Polymer modified Bitumen plant (PmB) located at the Vohburg site with its storage capacity, as well as the 9% percent stakethe company holds in Transalpine Oelleitung (TAL), which transports crude oil from the port of Trieste to refineries in Central Europe.

Through this transaction, VARO intends to hold 55% of the shares in Bayernoil, one of the most modern refineries in Europe with a total refining capacity of 220’000 barrels per day, split between the two sites of Vohburg and Neustadt.  Bayernoil will be jointly managed by its remaining shareholders: VARO, ENI and  Rosneft. On completion, VARO‘s total refining capacity will increase to 189’000 barrels per day across its two refineries of Cressier, Switzerland and Bayernoil, Germany.

Roger Brown, CEO of VARO commented: “The Bayernoil refinery is a key strategic asset for VARO’s operations in Germany and beyond. Investing in additional shares will offer greater flexibility and help us further optimize our logistics to continue to best serve our customers across multiple borders.”

The transaction is expected to close in the coming months, subject to the completion of the pre-emption process and the approval of the relevant authorities.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd