Varo Energy has completed its additional shares purchase in the Bayernoil Refinery with co-shareholder BP.
It now holds an additional 6.4% in Bayernoil, making Varo the majority shareholder in the German refinery with a total of 51.4% shares. Varo has also acquired BP’s Pmb-plant in Vohburg.
Roger Brown, CEO of Varo, says: ‘Bayernoil has always been an important asset for Varo. It is strategically well located for us, enabling Varo to optimise its supply options across Germany and Switzerland. This acquisition once again increases our ability to provide a secure supply of high-quality products to out customers where they need them and when they need them.’
With these additional shares, Varo has increased the group’s total refining capacity to 181,000 barrels per day.