Annual Report 2023


As we release our 2023 Annual Report, we are pleased to showcase a year of significant achievement amidst a challenging market environment. Here is a brief overview of our key milestones.

  • Prioritising safety, we reinforced our foundation by introducing key programs like Life Saving Rules, Just Culture, and the VARO Operational Excellence Management System.
  • 2023 saw robust financial resilience, ranking as the second-best performance in VARO’s history.
  • We secured a $165 million green loan as part of a broader $3.3 billion refinancing plan, reflecting market confidence in our company’s strategy and transformation.
  • Continuing to leverage our conventional energy capabilities, we completed a major upgrade at our Bayernoil manufacturing hub.
  • Significant progress in our strategic growth pillars included:
    • Acquiring Bio Energy Coevorden BV and Renewable Energy Services, in our Biogas strategic growth pillar.
    • Preparing a large-scale SAF facility in Rotterdam.
    • Expanding in e-mobility by increasing our stake in Road and acquiring elexon, a leading company in the development of commercial vehicle charging.
    • Progressing our 125W electroyser project at our Bayernoil manufacturing hub.
    • Increasing our stake in SilviCarbon, focusing on nature-based carbon removals.

VARO is transforming in a pragmatic way, consistently delivering value while maintaining both agility and resilience. We will remain focused on accelerating value creation, maintaining operational excellence, and enhancing strategic partnerships to drive our ONE VARO Transformation strategy.

Here is an extract of our Annual Report 2023.