VARO Energy ("VARO“), a leading downstream company in North West Europe, today announced it has agreed to sell 100% of its shares in Hydrocarbon Hotel (“HCH”), a storage and hydrocarbon blending terminal located in the Port of Amsterdam.
HCH will be acquired by Global Petro Storage (“GPS”) Group, an independent storage and logistics company backed by funds managed by Blue Water Energy (“BWE”) and White Deer Energy (“WDE”), which plans to develop the site further. VARO will continue to utilize the storage capacity of HCH to serve its customers.
HCH comprises 11 tanks with a total capacity of 148,500 m3 and three dedicated berths which are accessible to both sea- and inland-vessels. The terminal is primarily used for the import, export, storage and blending of gasoline, biofuels and gasoline components and has the potential for additional expansion.
Roger Brown, CEO of VARO, explained: “HCH provides VARO with the exclusive use of a modern and flexible storage facility in a strategically important location. This transaction enables us to continue to serve our customers from this first class asset, and we are excited by GPS’s plans for the further development of the site.”
Eric Arnold, CEO of GPS Group commented: “Global Petro Storage is pleased to have signed this transaction with VARO. This quality asset in the Port of Amsterdam gives GPS a firm footing in the Amsterdam-Rotterdam-Antwerp (“ARA“) global hub. We are also delighted to have established a new long-term partnership with VARO which will help to facilitate our expansion in this area and also globally, as we further build out the GPS growth strategy.”
The transaction is expected to close at year-end.
About VARO Energy
VARO Energy refines, stores and distributes oil products for the North West European market. The company owns a refinery in Cressier, Switzerland, a minority share in the Bayernoil refinery, Southern Germany, as well as storage facilities, distribution and marketing businesses in Benelux, France, Germany and Switzerland. 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.
About Global Petro Storage Group
GPS Group is an investment platform launched in 2016. GPS is backed by funds managed by Blue Water Energy and White Deer Energy and has a vision to become a leading global independent storage and logistics company. GPS is led by a highly experienced team with an unrivaled knowledge of the hydrocarbon value chain through a track record of project delivery spanning 30 years.
For more information about GPS Group please visit: www.gpsgroup.com