May 6, 2015 [OPIS] - Dutch Varo Energy has completed the takeover of German petroleum product trader and wholesale distributor Gekol Mineraloelhandel, the joint venture of Vitol and U.S. asset manager Carlyle Group said Tuesday.
Hamburg-based Gekol trades gasoil, diesel, gasoline and jet A1 in the Amsterdam-Rotterdam-Antwerp area, Germany and in Alpine countries.
“The acquisition of Gekol further expands Varo Energy’s footprint in Germany, in line with our strategy for growth in this market,” Varo Energy said in a statement.
Varo’s existing refining, storage and marketing operations in Germany and Switzerland presently consist of refineries in Bavaria (Bayernoil, 45% stake) and at Cressier (100%), 1.7 million cbm (10.7 million bbl) of inland storage capacity across 21 German sites (Petrotank) and three sites in Switzerland as well as sales activities.
