Preem has an extensive retail business in Sweden with over 500 fuel stations. In a statement issued yesterday, VARO said that it is acquiring Preem Holding AB and Preem AB through the purchase of 100% of the share capital of the parent company, Corral Petroleum Holdings AB
Preem provides over 40% of Sweden’s and around a quarter of Scandinavia’s energy needs for transportation. It serves customers in 17 countries across Europe. The company’s assets include two refineries and manufacturing complexes in Sweden.
Dev Sanyal, the CEO of VARO, commented: ‘The acquisition of Preem is transformational for VARO. On completion, we will become Europe’s second largest renewable fuel producer with an extensive distribution and storage network across major European markets with conventional fuel production capacity of 530,000 b/d.
Combined we will serve over 50,000 business customers across 33 countries, with our future growth underpinned by a robust portfolio of mature renewable fuel projects.’.
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