Varo Energy to acquire assets in European Total

The downstream specialist is eyeing growth in Europe by buying heating oil and diesel businesses

Two-year-old Varo Energy, Europe’s new refining and marketing operator, is to acquire assets in Switzerland from Total. The company will buy Total’s heating oil and diesel businesses in the country, together with storage facilities near Lausanne, for an unspecified sum. Varo already owns Switzerland’s Cressier refinery, so the acquisition will give the firm direct access to consumers for the refinery’s products. Varo is owned 50:50 by trading company Vitol and private-equity investor Carlyle, and was set up in early-2012 to buy the 68,000 barrels a day (b/d) Cressier facility, from bankrupt Petroplus. In July, Varo completed an acquisition of assets in Germany from OMV, giving the firm 45% o