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Vitol Group has announced that Varo Holding SA, a joint venture between the Vitol Group and AtlasInvest, has entered into a definitive agreement with a wholly owned subsidiary of Petroplus Holdings AG for the purchase of the assets of Petroplus Refining Cressier S.A. and the related Swiss marketing and logistics assets.

These assets include Petroplus Tankstorage AG, Oléoduc du Jura Neuchâtelois S.A. and Société Française du Pipeline du Jura.

Varo Holding SA intends to restart the refinery and continue refining operations. The closing of the transaction is expected in the second quarter of 2012 and is subject to, amongst other things, approvals by the courts and certain regulators.

Ian Taylor, President and CEO of the Vitol Group of companies, said: “We are pleased to have completed this transaction in partnership with AtlasInvest. It provides us with access to a quality, niche refinery and a supply chain of storage assets and wholesale marketing opportunities and will become a valuable source of growth for the Vitol Group.”

Marcel van Poecke, Chairman of AtlasInvest added: "We are very pleased to have completed this transaction. We are now looking forward to working together with Vitol, a world class oil trader, the Swiss management team and all our new employees to grow this business for the long term."