VARO’s acquisition of Preem sees it make major strides in its renewable energy and fuel production.
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. Subject to customary closing conditions and the receipt of regulatory approvals the transaction is expected to be completed in the second half of this year.
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...
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