VARO is committed to acting with the highest level of ethics and compliance. The core principles that guide our business practices centre on honesty, integrity, and respect. It is not only our employees who are expected to respect and adhere to these values but also everyone acting on behalf of VARO and working with us.

Our Approach


Our values, and commitment to upholding them, are communicated to our employees and to anyone who takes part in our business activities.


VARO is a partnership between international energy and commodities company Vitol (33.33% of VARO), and global alternative asset manager The Carlyle Group (66.66% of VARO).



VARO corporate governance framework - the SIC - has been designed to enable VARO to develop effective and transparent governance mechanisms and internal control systems that allow us to manage our strategic transformation whilst managing the risks linked to our operational, commercial and trading environment.

Varo Governance Model

Code of Conduct

Our Code of Conduct is our core documentation establishing rules and guidelines of conduct in business relations and at the workplace. We train our workforce on a yearly basis.

Download our Code of Conduct

The Code of Conduct is a comprehensive set of rules related to the following aspects of our business:

  • Legal compliance
  • Anti-trust, sales practices, and competitive information
  • Prohibition of business with counterparties under sanctions
  • Anti-bribery and anti-corruption
  • Conflict of interest
  • Confidentiality
  • Priority of well-being, safety, security, and positive environmental impact
  • Data privacy
  • Non-discrimination and fair treatment at work

Human Rights Policy

VARO’s Human Rights policy outlines our commitment to upholding and promoting human rights throughout all our operations. It details VARO’s responsibilities and actions in embedding respect for human rights across its activities, value chain, and business relationships. This includes ensuring fair labor practices, preventing discrimination, and fostering safe and healthy working conditions. The policy aligns with international human rights standards and principles, reinforcing our dedication to social responsibility in all aspects of our business. 

Our Policy


Supervisory Board

Executive Board

The energy transition partner of choice

Curious to find out more about our strategy and ambitions?

VARO's twin engine strategy is designed to help our customers by supplying the low-carbon and reliable energy they need to reach Net Zero.

Our strategy