VARO Energy signs deal to acquire fuel terminal of ENVIEM
VARO Energy and ENVIEM Holding announced their agreement in relation to the ownership and operations of the ENVIEM Fuel Terminal in Amsterdam, as well as certain wholesale activities. The fuel terminal in Amsterdam has been in operation since 2012 and has a capacity of 66,000 cubic meters. The site offers complete logistical solutions for loading, unloading and blending of different fuel grades for vessels, barges and trucks.
Additionally,VARO Energy will extend its supply to the full GULF and TinQ retail network, operated by ENVIEM in Belgium and the Netherlands.
VARO Energy refines, stores and distributes oil products for the North West European market. Varo Energy’s shareholders include private investment company Reggeborgh; Carlyle International Energy Partners, an advisory fund which is part of the global alternative asset manager The Carlyle Group; and international energy and commodities company Vitol.
Enviem Holding B.V., based in the Netherlands, emerged from the merger of two companies into a single holding company: Gulf Oil Netherlands and Demarol Harderwijk. MAIN BV, which holds contracts in several sea ports to manage ship waste collection requirements, is also part of Enviem Holding.
Through this agreement, ENVIEM takes a further step in implementing its strategy to divest in non-core fuel activities and further focus on the growth of the company’s retail, lubricants and environmental services businesses in Europe.
It is envisaged that, in due course, ENVIEM will continue to own and operate the waste management terminal (MAIN) in the port of Amsterdam, while VARO Energy will acquire the fuel terminal located alongside it. In addition, ENVIEM will dispose of three double hull
barges for the transportation of fuel products. At completion, these barges will be transferred to Interstream Barging, which will operate these barges and expand the company’s clean petroleum products fleet.
For VARO Energy, the acquisition of this fuel distribution asset will be a further step in strengthening the company’s position as an integrated logistics service provider to the downstream business across North West Europe. It is also a valuable addition to further
improve the services VARO Energy offers to customers in the Dutch market.
The transaction is expected to close on Aug. 1, 2016.