Vitol-Carlyle Group Buys Swedish Refiner to Boost Biofuels Business

Varo Energy, owned by the world’s biggest independent oil trader, Vitol, and the Carlyle Group, has reached a deal to buy Swedish refiner Preem, an early mover in renewable fuel production. Following more than a year of exclusive negotiations, Varo Energy – in which Carlyle, which owns 66.66%, and Vitol, which owns 33.33%, announced on Monday that they had reached agreements to buy Preem’s parent in an all-cash transaction, the value of which was not disclosed. The deal is subject to customary closing conditions and the receipt…