VARO Energy (VARO) recently reached agreement to acquire Preem Holding and Preem AB (Preem) through the purchase of 100% of the share capital of the parent company, Corral Petroleum Holdings (CPH), in an all-cash transaction.
The European Commission has approved the acquisition. Preem is one of the largest energy companies in Scandinavia.
The company plays a critical role in the region’s energy security, providing over 40% of Sweden’s and around a quarter of Scandinavia’s energy needs for transportation.
It serves customers in 17 countries across Europe. An early mover in renewable fuel production, Preem has invested nearly $1 billion (€879.3 million) since 2010 in the production of renewable fuels and initiatives aimed at reducing the carbon intensity throughout the value chain.
As a result of these investments, Preem’s current renewable fuel production of 0.3 mtpa will rise to 1.3 mtpa with the Synsat diesel plant upgrade enabling up to 40% co-processing of renewable feedstocks.
The company also has a material pipeline of other renewable fuel projects. Preem owns two major fuel manufacturing facilities in Sweden, at Lysekil and Gothenburg.
The two facilities have...
VARO becomes one of Europe’s largest feedstock co-processors
