Oil trader Vitol, AtlasInvest to buy Petroplus’s Swiss refinery

03 May 2012 13:38  [Source: ICIS news]

LONDON (ICIS)--Oil trader Vitol and investment firm AtlasInvest have agreed to buy the 68,000 bbl/day Cressier refinery in Switzerland from insolvent refiner Petroplus for an undisclosed sum, the companies said on Thursday.

The refinery will be taken over by Varo Holdings, a joint venture between Vitol and AtlasInvest.

Varo plans to restart the refinery and continue refining operations at Cressier. Petroplus had shut down operations at Cressier shortly before its insolvency filing in January.

Vitol and AtlasInvest expect to complete the acquisition in the second quarter, subject to court and regulatory approvals.

Vitol CEO Ian Taylor said that the deal will give his company access to a “quality, niche refinery and a supply chain of storage assets and wholesale marketing opportunities and will become a valuable source of growth for the Vitol Group”.

By: Stefan Baumgarten
+1 713 525 2653

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