OMV has agreed to sell its 45% interest in the Bayernoil refining complex near Ingolstadt, Germany, and related businesses to Varo Energy BV, a midstream company owned by The Carlyle Group and Vitol Group. Terms weren’t disclosed.
The Austrian company has been seeking a buyer for the interest for 2 years to focus on exploration and production and refining strongly integrated with petrochemical manufacture (OGJ Online, Jan. 13, 2012).
The 215,000-b/d Bayernoil complex has integrated plants at Vohburg and Neustadt.
The transaction with Varo Energy also includes related inventory, a bitumen plant, and the Bayernoil wholesale business.
OMV will continue to operate refineries in Schwechat, Austria; Burhausen, Germany; and Petrobrazi, Romania.
Vitol and Carlyle International Energy Partners (CIEP) each will own 50% of Varo Energy after AtlasInvest sells its share to CIEP and Vitol reduces its current stake.
Varo Energy will acquire from Vitol all shares in PT Holdings GMBH, the holding company for Petrotank Neutrale Tanklager GHBJ and all shares in Vitol Germany GMBH.
After completion of the transactions, Varo Energy will have interests in refining, wholesale distribution, and storage.
In addition to the Bayernoil interest, Varo Energy owns the 68,000 b/d Cressier Refinery near Neuchatel, Switzerland, which it bought in mid-2012 from Petroplus Holdings and restarted earlier this year (OGJ Online, May 3, 2012).