Prior notification of a concentration (Case M.11976 – VARO ENERGY / PREEM) – Candidate case for simplified procedure
Date: 2025-07-01
Institutions: Directorate-General for Competition, European Commission
Subjects: economic concentration, energy supply, logistics, lubricants, merger control, oil refining, petroleum product, renewable resources, sale, storage








C_202503600EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/3600


1.7.2025






Prior notification of a concentration
(Case M.11976 – VARO ENERGY / PREEM)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2025/3600)


1.   
On 20 June 2025, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


Varo Energy B.V. (‘Varo’, Switzerland), jointly controlled by The Carlyle Group (‘Carlyle’, USA) and Vitol Refining Group B.V (‘Vitol’, The Netherlands),










—


Corral Petroleum Holdings AB (‘Preem’, Sweden), controlled by Mohammed Hussein Al Amoudi, an individual residing in Saudi Arabia.




Varo acquires, within the meaning of Article 3(1), point (b) of the Merger Regulation, sole control of Preem.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


Varo is an integrated energy company focused on refining, logistics, and marketing of petroleum products. Varo’s operations span across the entire energy value chain, with a strong presence in refining, distribution, and storage of oil and gas products, including gasoline, diesel, jet fuel, and lubricants. Varo also provides renewable energy solutions,










—


Preem refines and sells fuel, heating oil and lubricating oil as well as other products to companies and individuals. Preem also focuses on renewable energy solutions, with a growing emphasis on biofuels and sustainable products.






3.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


4.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.11976 – VARO ENERGY / PREEM
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2025/3600/oj
ISSN 1977-091X (electronic edition)