July 6, 2016 [VARO Energy] - VARO Energy and ENVIEM Holding today announced their agreement in relation to the ownership and operations of the ENVIEM Fuel Terminal in Amsterdam, as well as certain wholesale activities.
Additionally,VARO Energy will extend its supply to the full GULF and TinQ retail network, operated by ENVIEM in Belgium and the Netherlands.
It is envisaged that, in due course, ENVIEM will continue to own and operate the waste management terminal (MAIN) in the port of Amsterdam, whilst VARO Energy will acquire the fuel terminal located alongside. In addition, ENVIEM will dispose of three double hull barges for the transportation of fuel products. At completion, these barges will be transferred to Interstream Barging, which will operate these barges and expand the company’s clean petroleum products fleet.
For VARO Energy, the acquisition of this fuel distribution asset will be a further step in strengthening the company’s position as an integrated logistics service provider to the downstream business across North West Europe. It is also a valuable addition to further improve the services VARO Energy offers to customers in the Dutch market. The fuel terminal in Amsterdam has been in operation since 2012 and has a capacity of 66,000 cubic meters. The site offers complete logistical solutions for loading, unloading and blending of different fuel grades for vessels, barges and trucks. Through this agreement, ENVIEM takes a further step in the implementation of its strategy to divest in non-core fuel activities and further focus on the growth of the company’s retail, lubricants and environmental services businesses in Europe.
It is anticipated the transaction will close around the 1st of August 2016.
