Varo Energy

What Varo Energy does

VAROPreem (formerly Varo Energy) is a European integrated energy company formed through the combination of the Varo Energy joint venture—majority-owned by global commodities trader Vitol—and Swedish refiner Preem, completed in 2025. The company operates an integrated value chain connecting feedstocks to end customers across sourcing and trading, manufacturing, blending, and distribution, anchored by six industrial-scale production hubs and 120+ terminals that together form a critical supply network across Europe. Its portfolio spans conventional fuels (diesel, gasoline, bitumen, LPG, heating oils), renewable fuels (Hydrotreated Vegetable Oil, Sustainable Aviation Fuel, biogas), marine and inland bunkering, aviation fuels, and industrial energy solutions, organized under a twin-engine strategy in which conventional and sustainable engines each generate roughly half of earnings. Customer segments are B2B and include mobility, industrial, marine, and aviation end markets; products are sold via direct enterprise sales and contracted supply agreements. Revenue mechanics combine commodity sales through manufacturing hubs, trading margins, terminal and logistics infrastructure services, and quotation-based industrial pricing. The company is headquartered in Baar, Switzerland, employs 1,001–5,000 people, and is currently expanding renewable capacity (notably via the July 2026 acquisition of the world's largest Raw Tall Oil bio-refinery at Sunpine) while divesting non-core assets such as Road B.V. to sharpen focus on integrated and sustainable energy.

Name

Varo Energy

Legal name

VAROPreem

Website

https://varoenergy.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

VAROPreem is a European integrated energy company combining Varo Energy (a Vitol-led joint venture) with Swedish refiner Preem, operating six manufacturing hubs and 120+ terminals to supply conventional and renewable fuels to mobility, industrial, marine, and aviation customers.

Ownership category

akta.pro rank

Product category

Fuel Manufacturing and Energy Distribution

NAICS

Petroleum Bulk Stations and Terminals (424710), Pipeline Transportation of Refined Petroleum Products (486910)

SIC

Petroleum Refining (2911), Wholesale-Petroleum Bulk Stations & Terminals (5171), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Gas Processing & NGL Recovery (Dehydration, Sweetening, Cryogenic Recovery) (EUALAGAG)

akta.pro secondary industries

Biogas/RNG Plant Operations, Maintenance & Asset Management (EUAAAEAI), RNG Offtake, Marketing & Environmental Attributes (RINs/LCFS/Guarantees of Origin) (EUAAAEAG), Aggregator/Brokered Natural Gas Sales (Brokers, Marketers, Aggregators) (EUAAADAF)

Keywords

• Fuel manufacturing
• Renewable fuels
• Marine bunkering
• Energy distribution
• Biofuel production

Headquarters

HQ city

Baar

HQ country

Switzerland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Energy Trading and Distribution: Trading, logistics, and distribution of energy products across Europe through integrated terminal and logistics network
2. Refining and Manufacturing: Conventional and renewable fuel manufacturing across six industrial-scale production hubs producing fuels for mobility and industrial customers
3. Renewable Fuels (HVO, SAF, Biogas): Production and sale of renewable fuels including Hydrotreated Vegetable Oil, Sustainable Aviation Fuel, and biogas for decarbonisation customers
4. Infrastructure Services: Terminal operations, logistics, and infrastructure network services supporting energy supply across Europe

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Varo Energy supplies, trades, manufactures and distributes conventional fuels, biofuels, bitumen, LPG, and heating oils through an integrated value chain that connects feedstocks to customers via sourcing, trading, manufacturing, blending, and distribution. The company operates two complementary business engines—conventional energies and sustainable energy products (HVO, SAF, biogas)—across six manufacturing hubs and more than 120 terminals in Europe.

Product overview

VAROPreem is a leading energy company offering an integrated portfolio of energy solutions through a platform architecture built on its integrated value chain. The core offering includes the Integrated Value Chain connecting feedstocks to customers through sourcing, trading, manufacturing, blending, and distribution. The company operates two complementary product engines: Engine 1 (Conventional Energies) and Engine 2 (Sustainable Energy), each generating roughly half of earnings. Key products include Renewable Fuels Business (HVO, SAF, biogas), Infrastructure & Network (6 manufacturing hubs, 120+ terminals), and sector-specific solutions for Road, Marine, Aviation, and Industry. The portfolio combines conventional fuel production with sustainable alternatives through industrial-scale manufacturing hubs.

Differentiator

Problem solved

Functional benefit

Products and services

• Hydrotreated Vegetable Oil (HVO) Renewable diesel produced at industrial scale from feedstocks including raw tall oil, used by mobility and industrial customers to displace fossil diesel and reduce carbon emissions.
• Sustainable Aviation Fuel (SAF) Renewable aviation fuel produced at industrial scale, supplied to aviation customers to meet aviation decarbonisation mandates and voluntary sustainability targets.
• Biogas Renewable biogas produced and sold by VAROPreem to support decarbonisation of mobility and industrial customers.
• Conventional Fuels Conventional petroleum-based fuels produced and distributed to mobility and industrial customers across Europe as Engine 1 of VAROPreem's twin-engine strategy.
• Marine Bunkering Bunkering fuel and services supplied to marine (shipping) customers, providing vessel refuelling at European ports.
• Inland Bunkering Bunkering fuel and services supplied to inland waterway operators across Europe.
• Bitumen Bitumen supplied to industrial and construction customers as part of the company's conventional energy product portfolio.
• LPG Liquefied Petroleum Gas supplied to industrial and heating customers as part of the company's conventional energy product portfolio.
• Heating Oils Heating oils supplied to industrial and commercial heating customers as part of the company's conventional energy product portfolio.

Quantifiable outcome

• Europe's largest renewable fuels supply chain through Sunpine bio-refinery acquisition

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Hametha B.V.minorChannel Partner/ Reseller/ Distributor · 8 July 2026Hametha B.V. agreed to purchase Road B.V. from VAROPreem, representing a divestiture of the road fuels distribution business
• VitolcoreStrategic or Co-development Partner · 1 January 2025Vitol is a global commodity trader and co-investor in the Varo Energy joint venture. The joint venture completed acquisition of Swedish refiner Preem, creating VAROPreem as a leading European energy company. Vitol expanded its refining capacity to 1.2 million barrels per day through this partnership.
• Venture GlobalminorStrategic or Co-development Partner · 1 January 2025Five-year agreement to purchase 1.5 million tons per year of LNG from Venture Global, supporting energy supply diversification

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Shell: Shell is a global integrated supermajor with European refining assets, marine bunkering, and an emerging renewable fuels/SAF business. It competes with VAROPreem across European refining, marine bunkering, and road/mobility fuels.
• TotalEnergies: TotalEnieves is a global integrated supermajor with extensive European refining, biofuels, and LNG operations. Its scale, refining footprint, and expanding renewable fuels (e.g., La Mède bio-refinery) directly overlap with VAROPreem's integrated value chain strategy.
• Eni: Eni is a major European integrated energy company with significant refining capacity in Italy and abroad, plus a growing biofuels and SAF business through Eni Sustainable Mobility. Its integrated upstream-to-refining model and renewable fuel expansion are directly comparable to VAROPreem.
• Gunvor Group: Gunvor is a major global commodity trader with refining assets (e.g., Ingolstadt refinery) and energy infrastructure across Europe. Like Vitol's backing of VAROPreem, Gunvor combines trading expertise with physical refining and terminal assets — a comparable integrated trader-refiner model.
• BP: BP is a global integrated supermajor with European refining assets (Lingen, Castellón) and growing biofuels capacity including SAF and renewable diesel. BP's integrated energy strategy and renewable fuels expansion overlap materially with VAROPreem's twin-engine model.
• Repsol: Repsol is a major Spanish integrated energy company with significant European refining capacity and a growing renewable fuels business. It competes with VAROPreem in European refining, conventional fuels distribution, and renewable fuels/HVO production.

Regional players

• Preem AB: Preem is Sweden's largest fuel company with two major refineries. It is now part of the VAROPreem joint venture, but historically a regional Nordic refining competitor. Preem's focus on refining, biofuels (e.g., HVO at Gothenburg), and Swedish/Scandinavian distribution is directly comparable to VAROPreem's Nordic operations.
• St1 Nordic: St1 is a Finnish/Nordic energy company focused on refining, renewable fuels (HVO, biogas/ethanol), and fuel distribution across the Nordics. Its Nordic focus, biofuels portfolio, and integrated refining/distribution model make it a close regional comparator.

Emerging players

• Phillips 66: Phillips 66 is a US-based downstream and midstream energy company with significant refining capacity and a growing renewable fuels business (renewable diesel at Rodeo). While geographically US-focused, its integrated downstream model with renewable diesel expansion makes it a meaningful structural comparator.

Direct peers

• Neste: Neste is the global market leader in renewable diesel (HVO), SAF, and renewable feedstock refining, operating major bio-refineries in Finland, the Netherlands, and Singapore. It is the most directly comparable peer given VAROPreem's industrial-scale HVO/SAF/biogas portfolio and recently expanded Sunpine Raw Tall Oil bio-refinery.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/varo-energy

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Varo Energy