Vitol-Backed Varo Agrees to Buy Preem in Renewable Fuels Bet

European refiner Varo Energy has agreed to buy Preem AB, in a deal that will make it the region’s second-largest producer of renewable fuels.

Varo, backed by trading giant Vitol Group and private equity firm Carlyle Group Inc., will acquire Preem through the purchase of 100% of its parent Corral Petroleum Holdings AB. The transaction also boosts Varo’s conventional oil-refining capacity to about 530,000 barrels a day.