VARO Energy Group announces the appointment of Jeremy Baines to the Executive Board in line with its new ONE VARO Transformation strategy



Zug, Switzerland, May 4, 2022 - VARO Energy Group ("VARO"), a leading European energy transition company, is pleased to announce the appointment of Jeremy Baines to the newly created position of Executive Vice President – Customers, Trading and Commercial Optimisation, effective August 15, 2022.

Mr. Baines is currently President of Neste US, Inc., based in Houston. He has served Neste in senior positions in general management, trading, sales and customer origination, marketing as well as business development over the past 20 years in Houston, London and Geneva. He started his career as an LPG trader in both London and Brussels.

In this role, Mr. Baines will oversee VARO’s trading, sales and marketing and commercial teams. He will lead trading for the hydrocarbons, renewables and carbon management businesses and will drive the ONE VARO customer value proposition, which is at the heart of the transformation.
“We are thrilled to welcome Jeremy to VARO,” said Dev Sanyal, CEO of VARO Energy Group. “Jeremy is a very inspiring leader who brings in-depth knowledge of the energy transition. His world-class commercial, trading and customer experience will be essential components as VARO moves forward with the ONE VARO Transformation strategy. Jeremy’s vast experience in developing first-class customer solutions, and his exceptional track record in growing businesses will be invaluable as VARO accelerates its journey to be a European energy transition leader.”
Prior to joining VARO, Jeremy spent nearly two decades in various international senior positions at Neste, where he most recently served as President for Neste US. During this period, he played a primary role in driving the company’s organic and inorganic growth agenda, besides leading the Sustainability and Communications Strategy. Across all his assignments, Jeremy has demonstrated a passion for the energy transition and building great teams to enable it.
“VARO is at a crucial turning point in its 10-year history as the company under Dev’s leadership repositions the business in the context of the energy transition while assuring energy security to meet customers’ demand. The energy transition requires pace, nimbleness and agility – qualities that VARO is renowned for – and has been much in evidence with recent announcements. This is a great moment to join this customer centric and entrepreneurial organisation and I am very much looking forward to being part of the team,” said Jeremy Baines.


About VARO

VARO’s mission is to serve its customer’s needs for energy as the world transitions to a new energy paradigm by connecting quickly evolving demand to supply. To this end, the company is capitalizing on the energy transition by leveraging its trading and marketing capabilities as well as manufacturing, distribution, and retail infrastructure to capture opportunities in the renewable and low-carbon energy market.
The company aims to be a leader in the energy transition, offering customers cutting-edge solutions to meet their rapidly changing energy needs. Through a well-established network of resellers and direct distribution channels, VARO distributes a comprehensive range of locally generated energy products and services to its national and international business customers, and end-consumers across Europe and a growing presence internationally. VARO is Europe’s largest supplier of biofuels to meet increasing market demands while continuing to supply diesel, gasoline, jet fuel, and heating oil where it is still needed.
VARO is also repurposing its assets is crucial to meeting the energy needs of tomorrow. The company strategically invests in upscaling its infrastructure and repurposing its assets to further the energy transition. These include manufacturing assets in Cressier, Switzerland, a majority share in the Bayernoil refinery, Southern Germany, as well as storage facilities, distribution, and marketing businesses. Beyond its own assets, VARO actively collaborates with key partners to accelerate energy transition infrastructure initiatives, such as a large-scale rail upgrade in partnership with the Port of Amsterdam as part of the Transhydrogen Alliance.
VARO is reshaping its portfolio to reflect its energy transition aims, including decarbonization initiatives, hydrogen projects, and e-mobility solutions. Among other investments, the company owns a 51% stake in SilviCarbon, a global leader in nature-based Carbon Dioxide Removals (CDRs), and a 49.5% share in E-Flux, a leading provider of electric vehicle charging solutions.
The Swiss-based company is owned primarily by one of the world’s largest energy investors – Carlyle – and one of the world’s largest energy traders – Vitol.  

About Jeremy Baines

Sep 2019 - Present Neste US, Inc. Houston - President

Board roles

  • 2016 - Present Chairman of Board of Directors, Neste US Inc.
  • 2019 - Present Chairman of Board of Directors, Neste Renewable Services US Inc.
  • 2022 - Present Chairman of Board of Directors, Neste Renewable Products Inc.
  • 2016 - Present Chairman of Board of Directors, Neste Canada Inc.
  • 2014 - 2015 Member of Advisory Board, Swiss Trading & Shipping Association
  • 2012 - 2016 Member of Board of Directors, Neste (Suisse) SA
  • 2007 - 2016 Non-Executive Director, Ets. Freddy Baines NV
  • Jun 2016 - Present Neste US, Inc Houston - Vice President Sales North America and General Manager
  • Aug 2014 - Jun 2016 Neste (Suisse) SA Geneva - Vice President Sales and Trading, Oil Products
  • Oct 2012 - Aug 2014 Neste Oil (Suisse) SA Geneva - General Manager Neste Oil Suisse & Director, Customer Focus
  • Jan 2011 - Oct 2012 Neste Oil (Suisse) SA Geneva - Head of Renewable Fuels & Distillates Sales

Various Trading and Commercial roles

  • Jan 2009 - Jan 2011 Neste Oil (Suisse) SA Geneva
  • Jan 2004 - Dec 2008 Neste Oil Ltd London
  • Jan 2002 - Dec 2004 Fortum Oil NV Brussels
  • Oct 2001 - Jan 2002 Fortum Gas Ltd London
  • Jan 2001 - Oct 2001 Royal Military Academy Sandhurst - Officer Cadet


  • 1997 - 2000 BSc Economics, City University London
  • 1996 La Pratique du Négoce International, Québec
  • 1989 - 1996 Baccalauréat, Antwerp

For more information about VARO, please visit