Vitol seals Swiss refinery purchase from Petroplus, plans July restart

Varo Holding SA, the joint venture between oil trader Vitol and investment firm AtlasInvest, has completed its purchase of the 68,000 bpd Cressier refinery in Switzerland from insolvent Swiss refiner Petroplus.

The sale also includes related marketing and logistics assets such as Petroplus Tankstorage AG, Oléoduc du Jura Neuchâtelois S.A. and Société Française du Pipeline du Jura.

Varo plans to restart the refinery and continue refining and marketing operations in the second half of July, Vitol said Friday in a statement.

Financial terms were not disclosed.

The deal was first announced in early May.

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