BP veteran Sanyal becomes Varo CEO, spearheading transition drive

Former BP executive Dev Sanyal on Jan. 4 took over as CEO of Europe-focused refiner and fuel supplier Varo Energy, majority owned by Carlyle Group, Varo said.

BP earlier announced Sanyal's departure after a 30-year career with the company, latterly as executive vice president for gas and low-carbon energy.

Sanyal, who takes over from interim CEO Julian Stoll, will lead the company's "next chapter of growth as Varo actively positions its business to capitalize on the energy transition, leveraging its trading and marketing capabilities as well as manufacturing, distribution, and retail infrastructure to capture opportunities in renewable energy. These include biofuels, hydrogen, and decarbonization activities to newly acquired e-mobility and EV charging solutions for customers as well as other initiatives," Varo said.

Varo operates Switzerland's sole operating refinery, the 68,000 b/d Cressier facility, and owns a majority stake in the Bayernoil refinery in southern Germany, as well as storage and distribution sites in continental Northwest Europe.

US-based Carlyle Group increased its stake in Varo to 66.66% in 2021, with trading company Vitol owning the remainder. Varo bought a 49.5% stake in Dutch electric vehicle charging software provider E-Flux last year and has also invested in nature-based decarbonization solutions.

In November Varo said it would expand its Eastern Netherlands fuel station network by buying two Hulshof Group subsidiaries, Oliehandel Hulshof and Tankstation Westsingel.