In connection with the transaction, the company will be renamed Varopreem and Dev Sanyal will become CEO. Preem CEO Magnus Heimburg will become vice president of Varopreem.
"Varopreem combines industrial scale, critical infrastructure, financial strength and extensive operational expertise to promote energy security and resilience in Europe," Sanyal writes in a comment in the press release.
How much the buyer paid Preem's former owner, Saudi-Ethiopian businessman Mohammed Al-Amoudi, is secret, reports Dagens Industri, which first reported the news.
