The petroleum refining industry in Europe plays a vital role in transforming crude oil into essential products, such as gasoline, diesel, and jet fuel. Major players in this sector include multinational corporations, regional firms, and specialized service providers. These companies focus on optimizing refining processes and enhancing energy efficiency. The industry is currently undergoing a transformation, with an increasing push towards greener technologies and sustainable practices. Investment in renewable technologies and alternative fuels is on the rise, signaling a shift where traditional refining meets environmental responsibility. Innovations in petrochemicals and waste-to-energy processes highlight the industry's adaptive nature.


The investors listed here represent a blend of corporate, venture capital, and private equity firms, all influencing the petroleum refining arena in Europe. Comprising entities headquartered in major cities like London, Paris, and Frankfurt, these investors vary in size, with many boasting over 10,000 employees. Founded between 1871 and 2011, they engaged in numerous transactions in 2024, with deal counts ranging from zero to fifty-three. This showcases their varied strategies and commitment toward fostering growth in the energy sector while addressing the intricate dynamics of petroleum refining.


Top 18 Petroleum Refining Investors in Europe


1. Shell

  • Website: shell.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1907
  • Headcount: 10001+
  • Number of deals in 2024: 20
  • LinkedIn: shell

Shell plc is a multinational oil and gas company based in London, England, founded in 1907. It operates across the energy and chemicals sectors, providing essential products such as fuels, lubricants, and chemical solutions to a diverse range of industries globally. Shell is heavily involved in the extraction, refining, and distribution of oil and gas. Notably, Shell's acquisition of Equilon and its partnership with Saudi Aramco in Motiva positioned them as a leading player in the US gasoline market, showcasing their significant presence in petroleum refining. Furthermore, Shell's strategic investments, such as the acquisition of Total's stake in the Hazira LNG terminal and their funding of biofuel initiatives like FORGE Hydrocarbons, demonstrate their commitment to both traditional and renewable refining processes, enhancing their portfolio in the energy sector.


2. TotalEnergies


TotalEnergies is a corporate energy company based in France, founded in 1924, with a workforce of over 10,000 employees. The company is dedicated to producing and marketing a wide range of energy solutions, including oil, gas, and renewable energy, while committing to carbon neutrality by 2050. TotalEnergies has been involved in several significant transactions that highlight its role in the petroleum sector. Notably, in June 2023, TotalEnergies acquired a 16.33% stake in Libya's Waha Oil concessions from Marathon Petroleum for $450 million, gaining access to over 500 million barrels of oil equivalent and immediate production capabilities of approximately 50,000 barrels per day. This acquisition underscores their commitment to expanding their oil production capacity. Additionally, their involvement in LNG projects, such as the acquisition of a stake in Cameron LNG and Qatargas II, further demonstrates their active engagement in the broader energy market, which includes petroleum refining activities.


3. Equinor

  • Website: equinor.com
  • Type: Corporate
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1972
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: equinor

Equinor ASA is a public entity based in Stavanger, Norway, founded in 1972, and operates primarily in the energy sector, focusing on oil, gas, and renewable energy. The company has a commitment to sustainability and aims to achieve net-zero emissions by 2050. Equinor serves a diverse customer base, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. Notably, Equinor has been involved in significant transactions in the petroleum sector, such as its investment in Petrobras, which raised funds through post-IPO equity, indicating its engagement in the oil and gas market. Additionally, Equinor Ventures participated in funding rounds for companies like Syzygy Plasmonics and Booster, which, while focused on technology and energy delivery, also relate to the broader energy landscape that includes petroleum refining. These activities highlight Equinor's strategic positioning within the petroleum refining context, despite its diversification into renewable energy.


4. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in managing diverse investment portfolios across multiple sectors, including private equity, infrastructure, real estate, growth equity, and venture capital. Notably, EQT has been involved in significant transactions within the energy sector, such as the acquisition of Aker Solutions in December 2013 for approximately $663 million, which provides services to the oil and gas industry. Additionally, EQT acquired Contanda Terminals in February 2013, a company that plays a role in the storage and handling of petroleum products. These transactions highlight EQT's engagement with the petroleum refining and energy sectors, showcasing its capability to invest in companies that are integral to the petroleum supply chain.


5. Bgf

  • Website: bgf.co.uk
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2011
  • Headcount: 51-200
  • Number of deals in 2024: 53
  • LinkedIn: bgfinvestments

BGF Investment Management Limited is a venture capital firm based in London, England, founded in 2011. The firm focuses on providing growth funding and value creation support to small and mid-sized businesses in the UK and Ireland. BGF addresses the funding gap in the market through minority investments and extensive support services. Notably, BGF has invested in several companies relevant to the petroleum refining industry, including a minority stake in Glacier Energy Services, an energy services company, and a £2.25m equity investment in Aubin Group, which operates in the oil and gas service sector. Additionally, BGF invested £8.76m in Magma Global, a manufacturer of carbon fibre pipe for the oil and gas sector, supporting the construction of a manufacturing facility. These transactions highlight BGF's active role in the petroleum refining and energy sectors.


6. Groupe Crédit Agricole

  • Website: credit-agricole.com
  • Type: Private Equity
  • Headquarters: Montrouge, Île-De-France, France
  • Founded year: 1894
  • Headcount: 10001+
  • Number of deals in 2024: 18
  • LinkedIn: credit-agricole

Groupe Crédit Agricole is a cooperative banking group based in Montrouge, Île-De-France, France, founded in 1894. It provides a comprehensive array of financial services, including banking, insurance, and investment management, catering to individual consumers, businesses, and organizations. The group emphasizes mutuality and social responsibility in its operations. In recent years, Crédit Agricole has been involved in several notable transactions within the petroleum sector, including an $8 billion debt financing for the Abu Dhabi National Oil Company in June 2020 and a $736 million debt financing for Reliance Industries in November 2021. Additionally, they participated in a $600 million debt financing for BB Energy in October 2023. These transactions highlight Crédit Agricole's active role in supporting major players in the petroleum refining industry, despite its broader investment focus.


7. 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 petroleum-related operations. Furthermore, their acquisition of N+P Group, approved by the Netherlands, underscores their commitment to expanding their influence in the energy market. 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.


8. Ardian

  • Website: ardian.com
  • Type: Private Equity
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 1996
  • Headcount: 1001-5000
  • Number of deals in 2024: 21
  • LinkedIn: ardian

Ardian is a prominent investment management firm based in Paris, specializing in private equity, real assets, and credit solutions. Founded in 1996, Ardian has established a global presence and focuses on sustainable finance, providing tailored investment strategies to institutional investors, family offices, and pension funds. Among its notable transactions, Ardian has invested in the CLH Group, which is involved in the storage and transportation of petroleum products, through multiple rounds of funding from 2011 to 2015. Additionally, Ardian acquired Géosel in 2015, a company that plays a crucial role in the petroleum logistics sector. These investments highlight Ardian's engagement in the petroleum refining context, despite its broader investment portfolio.


9. 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 the petroleum refining market.


10. 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, providing 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 joint venture with Raj Petro Specialities Pvt. Ltd. aimed to expand their footprint in the Indian chemical distribution market, which is crucial for chemicals and lubricants. Additionally, the acquisition of Reeder Distributors' lubricants division reflects Brenntag's strategy to strengthen its presence in the lubricant distribution market, which is closely tied to petroleum refining. Other acquisitions, such as the Aik Moh Group and ALTIVIA Corporation, further demonstrate Brenntag's commitment to enhancing its industrial chemicals and value-added services, which are essential in the petroleum sector.


11. 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 supplies essential commodities such as copper, cobalt, and oil to businesses and organizations, supporting their production and manufacturing needs. Glencore is committed to responsible sourcing and sustainability in its operations. Notably, Glencore South Africa Oil Investments acquired 75% of Astron Energy in South Africa and 100% of Astron Botswana from Chevron South Africa in 2019, enhancing their footprint in the petroleum refining sector. Additionally, they participated in a $400 million debt financing for Tullow Oil in 2023, further solidifying their involvement in the oil industry. These transactions highlight Glencore's active role in the petroleum refining landscape.


12. TotalEnergies Ventures


TotalEnergies Ventures is the corporate venture capital arm of TotalEnergies, a global integrated energy company based in Paris, France. Founded in 2008, TotalEnergies focuses on providing a wide range of energy solutions, including oil, natural gas, and renewable energy. The company is committed to sustainable practices and reducing carbon emissions while ensuring reliable and affordable energy access worldwide. TotalEnergies Ventures has been involved in several transactions, including investments in Gevo, a company focused on renewable fuels, where they participated in multiple funding rounds from 2009 to 2013. Additionally, they invested in 45-8 ENERGY and Booster, showcasing their interest in innovative energy solutions. While their portfolio includes a strong emphasis on sustainability, their roots in the oil and gas sector and ongoing investments in related companies affirm their relevance in the petroleum refining context.


13. Blue Water Energy LLP


Blue Water Energy LLP is a private equity firm based in London, England, founded in 2011. The firm specializes in providing growth capital and strategic support to businesses in the energy sector, with a particular emphasis on enhancing operations and achieving sustainable practices. Blue Water Energy has been involved in several notable transactions within the petroleum sector, including significant investments in Siccar Point Energy, which raised $500 million, and Wellesley Petroleum, which raised $250 million. Additionally, they invested in Mime Petroleum, which raised $300 million, and Apex International Energy, which raised $75 million. These transactions highlight their active role in the petroleum industry, despite their broader focus on energy transition and innovation in energy efficiency and renewable solutions.


14. Crédit Agricole CIB

  • Website: ca-cib.com
  • Type: Corporate
  • Headquarters: Montrouge, Île-De-France, France
  • Founded year: 2004
  • Headcount: 5001-10000
  • Number of deals in 2024: 17
  • LinkedIn: credit-agricole-cib

Crédit Agricole CIB is an investment bank based in Montrouge, Île-De-France, France, founded in 2004. It offers a comprehensive range of financial services, including structured finance, investment banking, and capital markets solutions, primarily serving corporate clients and financial institutions. With a global presence, Crédit Agricole CIB assists clients in navigating complex financial landscapes. Notably, they have been involved in several significant transactions within the petroleum refining context, such as facilitating a $3 billion post-IPO debt for Reliance Industries, a major player in the refining sector, and providing $600 million in debt financing to Gunvor Group, which is also engaged in oil trading and refining activities. These transactions highlight their active participation in financing the petroleum refining industry.


15. Repsol

  • Website: repsol.com
  • Type: Corporate
  • Headquarters: Madrid, Madrid, Spain
  • Founded year: 2011
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: repsol

Repsol is a corporate investor based in Madrid, Spain, with a workforce of over 10,000 employees. Founded in 2011, Repsol is an energy company that provides a wide range of energy solutions, including gas, electricity, and renewable energy products. The company has made significant investments in the petroleum refining sector, highlighted by their acquisition of the Saint John LNG terminal, which enhances their capabilities in the liquefied natural gas market. Additionally, Repsol has acquired a minority stake in Enerkem, a company focused on converting waste into biofuels, indicating their interest in innovative refining technologies. Repsol's strategic plan includes expanding its renewable energy capacity, but their existing operations in petroleum refining and related sectors make them a relevant investor in this category.


16. Maven Capital Partners

  • Website: mavencp.com
  • Type: Venture Capital
  • Headquarters: Glasgow, Scotland, United Kingdom (UK)
  • Founded year: 2009
  • Headcount: 51-200
  • Number of deals in 2024: 25
  • LinkedIn: maven-cp

Maven Capital Partners is a private equity firm based in Glasgow, Scotland, founded in 2009. The firm specializes in providing growth capital and investment solutions to small and mid-sized businesses across various sectors, including technology and healthcare. Notably, Maven has been active in the oil and gas sector, exemplified by their leading role in the £8.5 million funding package for Glacier Energy Services, which was established through the acquisition of Roberts Pipeline Machining and Wellclad. This transaction highlights their commitment to supporting businesses that provide essential services and technologies in the petroleum industry. Additionally, their investment in FIS Chemicals, a company focused on developing specialist chemicals, further illustrates their engagement with industries that may have applications in petroleum refining. Overall, Maven Capital Partners demonstrates a diverse investment portfolio with significant involvement in the oil and gas sector.


17. 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 services. In 2019, they acquired CapeOmega, a Norwegian midstream infrastructure company, for nearly €1.2 billion, enhancing their capabilities in natural gas transportation, which is closely related to the petroleum sector. More recently, in 2023, they agreed to acquire the ROSEN Group, an engineering firm specializing in testing oil and gas assets, further solidifying their involvement in the energy sector. These transactions highlight Partners Group's strategic interest in companies that operate within the petroleum refining and broader energy landscape.


18. NWF Group PLC

  • Website: nwf.co.uk
  • Type: Corporate
  • Headquarters: Wardle, England, United Kingdom (UK)
  • Founded year: 1871
  • Headcount: 1001-5000
  • LinkedIn: nwf-group-plc

NWF Group PLC is a logistics and distribution company based in Wardle, England, specializing in fuels, food, and feeds across the UK. Founded in 1871, the company connects suppliers with over 111,525 customers by providing essential distribution services. NWF's operations include fuel oil distribution, ambient grocery product consolidation, and ruminant animal feed distribution. Notably, NWF has made several strategic acquisitions in the petroleum sector, including Swan Petroleum, a fuel depot and distribution firm, which enhanced their fuels division's volume by 10%. They also acquired Ron Darch & Sons Co Ltd, a successful oil distributor in the South West, ensuring the continuity of the business as the Darch family sought to retire. Other relevant acquisitions include Broadland Fuels and T Splitt Ltd, further solidifying NWF's position in the fuel distribution market.



Petroleum Refining Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
ShellLondon, England, United Kingdom (UK)10001+190720
TotalEnergiesFrance10001+192411
EquinorStavanger, Rogaland, Norway10001+19726
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
BgfLondon, England, United Kingdom (UK)51-200201153
Groupe Crédit AgricoleMontrouge, Île-De-France, France10001+189418
MercuriaGeneva, Geneva, Switzerland1001-500020047
ArdianParis, Île-De-France, France1001-5000199621
Deutsche BankFrankfurt, Hesse, Germany10001+187032
BrenntagEssen, North Rhine-Westphalia, Germany10001+18748
GlencoreBaar, Zug, Switzerland10001+19783
TotalEnergies VenturesParis, Île-De-France, France10001+20080
Blue Water Energy LLPLondon, England, United Kingdom (UK)11-5020110
Crédit Agricole CIBMontrouge, Île-De-France, France5001-10000200417
RepsolMadrid, Madrid, Spain10001+20116
Maven Capital PartnersGlasgow, Scotland, United Kingdom (UK)51-200200925
Partners GroupBaar, Zug, Switzerland1001-5000199619
NWF Group PLCWardle, England, United Kingdom (UK)1001-500018710


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