Petroplus Enters into Agreement for the Sale of the Cressier Refinery and Related Swiss Marketing and Logistics Assets

Petroplus has entered into an agreement with Varo Holding SA, a joint venture between the Vitol Group and AtlasInvest, for the sale 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.

Bär & Karrer acted as legal counsel of Petroplus. The team included Corrado Rampini, Michael Trippel, Oliver Brupbacher and Christian Hagen.