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Shell, Varo end talks on Germany refinery stake sale
October 6, 2017 / 11:47 AM / in 2 months

Shell, Varo end talks on Germany refinery stake sale

LONDON, Oct 6 (Reuters) - Royal Dutch Shell and Varo Energy have ended talks on Varo’s potential acquisition of Shell’s 37.5 percent stake in the 220,000 barrels per day PCK refinery in Schwedt, Germany, Varo said.

The two companies announced last December that they had entered advanced talks on the stake sale, but the negotiations have been “discontinued”, a spokeswoman for Varo told Reuters.

The spokeswoman would not provide details about why the talks had ended.

Varo Energy, a joint venture between the world’s biggest oil trader Vitol and private equity firm Carlyle Group, owns a refinery in Cressier in Switzerland and the Bayernoil refinery in Germany.

Reporting by Ron Bousso; editing by Jason Neely

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