The petroleum refining industry in the DACH region is vital for transforming crude oil into valuable products such as gasoline, diesel, and jet fuel. Major companies include integrated oil firms and specialized refiners who not only enhance production efficiencies but also adapt to promote sustainability. As environmental concerns grow, the sector is increasingly investing in cleaner technologies and alternative fuels. This transformation is crucial, considering that Europe aims for significant emissions reductions. Innovations in refining technology and regulatory initiatives continue to shape the industry's future, urging companies to rethink traditional practices in favor of greener solutions.


The list features a mix of investment types, including corporate and private equity firms, originating from strategic locations like Switzerland, Germany, and Austria. Operating on various scales, with employee counts ranging from a few dozen to thousands, these investors were founded between 1870 and 2012. In 2024, they collectively executed numerous deals, reflecting their significant engagement in the petroleum refining sector. Noteworthy examples are Deutsche Bank and Mercuria, highlighting the financial capabilities and resource-driven strategies they bring to refine operations.


Top 11 Petroleum Refining Investors in DACH


1. Mercuria


Mercuria Energy Group Ltd. is a global energy trading company based in Geneva, Switzerland, founded in 2004. With a workforce of 1001-5000 employees and a turnover exceeding USD 100 billion, Mercuria operates across various commodity markets, focusing on crude oil, natural gas, and renewable energy. They provide trading services and investment solutions for businesses transitioning to net zero. Notably, Mercuria has been involved in significant transactions within the petroleum sector, including a $650 million debt raise for Oando and an $825 million debt raise for MACH Resources, both of which highlight their active role in financing companies within the petroleum refining space. Furthermore, their acquisition of N+P Group, approved by the Netherlands, underscores their commitment to expanding their influence in energy-related sectors. Mercuria's strategy includes a commitment to invest 50% of their capital in energy transition projects by 2026, indicating a balanced approach to traditional and renewable energy investments.


2. Deutsche Bank

  • Website: db.com
  • Type: Corporate
  • Headquarters: Frankfurt, Hesse, Germany
  • Founded year: 1870
  • Headcount: 10001+
  • Number of deals in 2024: 32
  • LinkedIn: deutsche-bank

Deutsche Bank AG, founded in 1870 and headquartered in Frankfurt, Hesse, Germany, is a leading investment bank and financial services provider. It offers a wide range of solutions including investment banking, corporate banking, cash management, trade finance, and securities services. The bank serves corporate and institutional clients, helping them manage their financial assets and liquidity effectively through its digital platform, Autobahn. In 2024, Deutsche Bank has been involved in several notable transactions in the petroleum refining sector, including debt financing for Pemex, a major player in the oil industry, and a significant $3.33 billion financing for Varo Energy, which is focused on both petroleum and sustainable energy investments. Additionally, Deutsche Bank facilitated debt financing for BB Energy and STX Group, further demonstrating its active role in supporting companies within the petroleum refining industry.


3. Brenntag

  • Website: brenntag.com
  • Type: Corporate
  • Headquarters: Essen, North Rhine-Westphalia, Germany
  • Founded year: 1874
  • Headcount: 10001+
  • Number of deals in 2024: 8
  • LinkedIn: brenntag

Brenntag SE is a leading global chemical distributor based in Essen, North Rhine-Westphalia, Germany, founded in 1874. The company connects chemical manufacturers and users, offering a wide range of specialty and industrial chemicals along with value-added services. Brenntag serves approximately 195,000 customers across various industries, including food, pharmaceuticals, and notably, oil & gas. In recent years, Brenntag has made significant acquisitions to enhance its position in the chemical distribution market relevant to petroleum refining. For instance, their acquisition of the lubricants division of Reeder Distributors in January 2019, which had annual sales of approximately $60 million, demonstrates their commitment to expanding their footprint in the lubricant distribution market, a critical component of petroleum refining. Additionally, their joint venture with Raj Petro Specialities Pvt. Ltd. in 2017 aimed to strengthen their presence in the Indian chemical distribution market, which includes chemicals and lubricants essential for the oil and gas sector. These strategic moves highlight Brenntag's active role in the petroleum refining industry.


4. Glencore

  • Website: glencore.com
  • Type: Corporate
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1978
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: glencore

Glencore plc is a multinational commodity trading and mining company based in Baar, Zug, Switzerland, founded in 1978. With over 10,000 employees, Glencore operates across various sectors, including metals, minerals, and energy. The company is known for supplying essential commodities such as copper, cobalt, and oil to businesses worldwide. In the petroleum refining context, Glencore has made notable transactions, including the acquisition of 75% of Astron Energy in South Africa and 100% of Astron Botswana, both previously owned by Chevron South Africa. This acquisition aims to enhance growth and increase black economic empowerment in the businesses, showcasing Glencore's commitment to the petroleum refining industry. Additionally, Glencore has been involved in financing activities related to oil companies, such as Tullow Oil, which raised $400 million in post-IPO debt, further solidifying its role in the energy sector.


5. Partners Group

  • Website: partnersgroup.com
  • Type: Private Equity
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1996
  • Headcount: 1001-5000
  • Number of deals in 2024: 19
  • LinkedIn: partners-group

Partners Group Holding AG is a prominent investment management firm based in Baar, Zug, Switzerland, specializing in private equity, private infrastructure, private real estate, and private debt. Founded in 1996, the firm manages over USD 149 billion in assets and is recognized for its innovative approach and commitment to sustainability. Among their notable transactions, Partners Group acquired ESENTIA Energy Systems for $750 million in 2014, which is significant in the context of energy systems. In 2019, they acquired CapeOmega, a Norwegian midstream infrastructure company, for nearly €1.2 billion, enhancing their capabilities in natural gas transportation, which is integral to the energy sector. More recently, in 2023, they acquired the ROSEN Group, an engineering firm specializing in testing oil and gas assets, further solidifying their involvement in the petroleum and energy industries. These transactions highlight Partners Group's strategic investments in sectors that support and intersect with petroleum refining.


6. Omv

  • Website: omv.com
  • Type: Corporate
  • Headquarters: Vienna, Vienna, Austria
  • Founded year: 1956
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: omv

OMV is an integrated oil, gas, and petrochemical company based in Vienna, Austria, founded in 1956. With over 10,000 employees, OMV operates in both upstream and downstream sectors, providing oil, gas, and petrochemical products. The company has made significant investments in the petroleum refining industry, including the acquisition of a 51% stake in SNP Petrom SA, which is Romania's largest oil and gas company, enhancing OMV's production capabilities. In 2024, OMV Slovakia acquired a network of 27 Benzinol filling stations, strengthening its position in the Slovak market. Additionally, OMV's acquisition of Borealis in 2020 further emphasizes its commitment to the petrochemical sector, which is closely linked to petroleum refining. OMV is also focused on sustainability and innovation, aiming to reduce carbon emissions and promote circular economy practices, which aligns with the evolving landscape of the petroleum industry.


7. Sgs

  • Website: sgs.com
  • Type: Corporate
  • Headquarters: Geneva, Geneva, Switzerland
  • Founded year: 1878
  • Headcount: 10001+
  • Number of deals in 2024: 5
  • LinkedIn: sgs

SGS S.A. is a leading testing, inspection, and certification company based in Geneva, Switzerland, founded in 1878. With a workforce of over 10,000 employees, SGS provides independent services to ensure product quality and compliance across various industries. Notably, SGS has made strategic acquisitions that enhance its capabilities in the petroleum refining sector. In 2004, SGS acquired Petroleum Services Corp, which specializes in services relevant to the petroleum industry. More recently, in 2021, SGS acquired a majority stake in Sulphur Experts Inc., a company focused on process engineering consulting and testing for sulfur recovery, which is critical in refining operations. These transactions highlight SGS's commitment to expanding its services in the petroleum refining industry, making it a significant player in this sector.


8. Gunvor Group

  • Website: gunvorgroup.com
  • Type: Corporate
  • Headquarters: Geneva, Geneva, Switzerland
  • Founded year: 2000
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: gunvor-group-ltd

Gunvor Group Ltd is an energy commodities trading company based in Geneva, Switzerland, founded in 2000. The company specializes in the trade, transport, storage, and optimization of petroleum and other energy products, serving businesses in the energy sector with essential resources and logistics solutions. Gunvor has made notable investments in the petroleum refining industry, including the acquisition of the Kuwait Petroleum Europoort refinery in Rotterdam, which enhances its refining operations and integrates the facility into its European network. Additionally, Gunvor acquired the Ingolstadt refinery in Germany from Petroplus for USD $100 million, further solidifying its presence in the refining sector. Through these strategic acquisitions, Gunvor Group demonstrates its commitment to expanding its refining capabilities while also investing in renewable energy through its subsidiary Nyera.


9. VARO Energy

  • Website: varoenergy.com
  • Type: Corporate
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 2012
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: varo-energy

VARO Energy is a corporate investor based in Baar, Zug, Switzerland, founded in 2012. The company specializes in the manufacturing, storage, and distribution of both conventional and sustainable energy solutions. VARO serves a diverse range of customers, including those in aviation and agriculture, by providing reliable energy products and services. Notably, VARO has made strategic acquisitions in the petroleum refining sector, including the acquisition of Bayernoil Raffineriegesellschaft mbH in 2014, which established them as a significant player in the midstream energy market in north-west Europe. In 2017, they acquired NWB Nord- und Westdeutsche Bunker GmbH, enhancing their growth strategy in the fuels value chain. Furthermore, their acquisition of Calpam BV in 2019 aimed to bolster their focus on sustainable oil, aligning with their commitment to accelerating the energy transition. These transactions highlight VARO's active role in the petroleum refining industry while also pursuing sustainable energy initiatives.


10. Wintershall Dea


Wintershall Dea GmbH is an energy company based in Kassel, Hesse, Germany, specializing in the exploration and production of oil and gas. Founded in 1894, the company serves a diverse range of customers in the energy sector, including governments and energy companies, by providing essential resources for energy production. Wintershall Dea is also involved in innovative initiatives such as carbon capture and storage (CCS), as evidenced by their recent acquisition of a 10% stake in the Poseidon CCS project in the UK, which aims to enhance their presence in carbon storage efforts. Additionally, their acquisition of Wintershall Group in 2017 further solidified their position in the oil and gas market. While they are also exploring hydrogen production technologies, their core operations remain tied to oil and gas, making them a relevant player in the petroleum refining context.


11. Momenta

  • Website: momenta.one
  • Type: Venture Capital
  • Headquarters: Engelberg, Obwalden, Switzerland
  • Founded year: 2012
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: momentapartners

Momenta is a venture capital firm based in Engelberg, Obwalden, Switzerland, founded in 2012. The firm specializes in industrial impact and digital transformation, providing strategic investments and advisory services to Fortune 500 companies and innovative startups across various sectors, including energy, manufacturing, smart spaces, and supply chain. In 2023, Momenta led a $9M Series A1 funding round for APERIO, which included notable investors such as Chevron Technology Ventures and Delek US, indicating a connection to the petroleum refining industry. Additionally, Momenta has made several acquisitions, including 151 Ventures and ThingMUSE, which enhance its advisory capabilities in the Connected Industry sector. These activities reflect Momenta's commitment to enhancing operational efficiency and driving sustainability in critical industries, including those related to petroleum refining.



Petroleum Refining Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
MercuriaGeneva, Geneva, Switzerland1001-500020047
Deutsche BankFrankfurt, Hesse, Germany10001+187032
BrenntagEssen, North Rhine-Westphalia, Germany10001+18748
GlencoreBaar, Zug, Switzerland10001+19783
Partners GroupBaar, Zug, Switzerland1001-5000199619
OmvVienna, Vienna, Austria10001+19563
SgsGeneva, Geneva, Switzerland10001+18785
Gunvor GroupGeneva, Geneva, Switzerland1001-500020001
VARO EnergyBaar, Zug, Switzerland1001-500020121
Wintershall DeaKassel, Hesse, Germany1001-500018940
MomentaEngelberg, Obwalden, Switzerland11-5020127


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