Switzerland-based Varo Energy has completed its acquisition of Swedish energy company Preem AB to form VAROPreem, a new firm with activities including bunkering.

The transaction follows regulatory approvals, VAROPreem said in a press release on Friday. 

It also completes Varo Energy’s transformation strategy launched in 2022, which includes expanding its marine and low-carbon fuels business.

The new company will be supplying conventional marine fuels across key ports in northern Germany and across Scandinavia. It will also offer marine biofuels such as B24 and B30 as well as B100.

VAROPreem will operate six manufacturing sites in Sweden, Germany, Switzerland and the Netherlands.

In March, Varo Energy stated this acquisition would help increase its presence in the market and supply 10% of Europe’s road and marine fuel demand.