|Argos and Varo Energy complete merger|
|Argos's sea bunkering business does not form part of the merger agreement.
|Updated on 08 Sep 2015 10:18 GMT
|Varo Energy has confirmed that its merger with Argos, first announced in May 2015, has been completed.
The merger transforms Varo Energy into a major new downstream player in North West Europe, led by Roger Brown, the current CEO of Varo Energy. The group will have 1,500 employees and handle over 16 million cubic metres (cbm) of products per year.
From today, Varo Energy's shareholders include private investment company Reggeborgh; Carlyle International Energy Partners, an advisory fund of the global alternative asset manager The Carlyle Group; and international energy and commodities company Vitol.
Argos and Varo Energy will be integrated into one enlarged Varo Energy Group. Argos's existing operations will continue to trade under the Argos name out of Rotterdam with activities in Benelux, France, Germany and Switzerland.
Roger Brown, CEO, commented: "This merger transforms Varo Energy into a major new downstream player in North West Europe. The combined business has the scale and capability to better service our customers; safely, efficiently and reliably across the region. The group also now has a significant retail footprint in Benelux, which will serve as a base for us to grow this part of our business."
The enlarged group, based in Zug (Switzerland), focuses on three core business areas:
- Refining - wholly owned refinery in Cressier (Switzerland) and a minority share in the Bayernoil refinery (Germany).
- Transport and storage of oil products across a network of close to 50 tank terminals in Benelux, France, Germany and Switzerland.
- Trading, distribution and sales of oil products across North West Europe.
Argos's participation in Nefco (LPG) and the Argos sea bunkering business do not form part of the merger.
In addition, the enlarged Varo Energy Group has agreed to acquire an additional 50 percent share in Rhytank AG, a service provider with storage facilities in Birsfelden (Switzerland) comprising 63 tanks with a total capacity of 347,000 cbm. Rhytank AG, a joint-venture between Argos Switzerland and Fluvia Holding, an international tanker shipping and port logistics provider, currently employs 21 staff and will become a wholly owned entity of Varo Energy effective September 3.