June 29, 2012:

Oil trader Vitol said on Friday its new joint venture Varo has completed the purchase of the Cressier refinery in Switzerland from Petroplus' administrators and will restart it in the second half of July. Varo Energy Holding - a joint venture with the co-founder of Petroplus Marcel Van Poecke's Atlas Invest - agreed to buy the 68,000-barrel-per-day plant in May. "Varo Energy Holding SA plans to restart the refinery and continue refining and marketing operations in the second half of July," Vitol said in a statement. Swiss-based Petroplus filed for insolvency in January after it defaulted on $1.75 billion of debt.

By Reuters