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Man walking on bridge between tanks

Vitol and AtlasInvest enter into a definitive agreement with Petroplus for the purchase of the Cressier Refinery and related Swiss marketing and logistics assets

The Vitol Group announced today that Varo Holding SA, a joint venture between the Vitol Group and AtlasInvest, have entered into a definitive agreement with a wholly owned subsidiary of  Petroplus Holdings AG for the purchase of the assets of Petroplus Refining Cressier S.A. and the related Swiss marketing and logistics assets.

These assets include Petroplus Tankstorage AG, Oléoduc du Jura Neuchâtelois S.A. and Société Française du Pipeline du Jura.

Varo Holding SA intends to restart the refinery and continue refining operations. The closing of the transaction is expected in the second quarter of 2012 and is subject to, amongst other things, approvals by the Courts and certain regulators.

Ian Taylor, President and CEO of the Vitol Group of companies, said: “We are pleased to have completed this transaction in partnership with AtlasInvest. It provides us with access to a quality, niche refinery and a supply chain of storage assets and wholesale marketing opportunities and will become a valuable source of growth for the Vitol Group”.

Marcel van Poecke, Chairman of AtlasInvest added: “We are very pleased to have completed this transaction. We are now looking forward to working  together with Vitol, a world class oil trader, the Swiss management team  and all our new employees to grow  this business  for the long term.”
About AtlasInvest:

AtlasInvest is a private investment group with over $1 billion of capital invested across the energy sector. AtlasInvest’s core investments are in the field of conventional oil and gas. AtlasInvest’s investment portfolio is diverse in both scope and geography, encompassing all parts of the energy chain including E&P, midstream and downstream. In addition, complementary investments exist in a range of alternative energy companies. The AtlasInvest group of companies is owned and controlled by Marcel van Poecke.

Further details on AtlasInvest are available at www.atlasinvest.eu

For additional information please contact:

Cohn & Wolfe, GenevaCohn & Wolfe, Geneva 
Elaine Carroll / Fabian Gmuender: +41 22 908 4074
elaine.carroll@cohnwolfe.com / fabian.gmuender@cohnwolfe.com

Brunswick Group LLP, London 
Patrick Handley / Elizabeth Adams: +44 20 7404 5959
mailto:phandley@brunswickgroup.com / eadams@brunswickgroup.com
Elaine Carroll / Fabian Gmuender: +41 22 908 4074
mailto:elaine.carroll@cohnwolfe.com / fabian.gmuender@cohnwolfe.com

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