The oil refinery construction industry in Europe is a critical sector focused on building and upgrading facilities that process crude oil into valuable products like gasoline and diesel. Companies in this field range from large multinational corporations to specialized engineering firms, providing services such as project management, logistics, and technology solutions. With evolving energy policies and a push for sustainability, the industry is increasingly integrating renewable energy and efficiency measures into refinery designs. Such shifts not only cater to environmental pressures but also position companies to meet future demands for cleaner fuels and products, enabling smoother transitions within energy markets.


This article presents a select group of oil refinery construction investors actively involved in Europe. Among them are both corporate giants and venture capital firms, hailing from key financial hubs like London and Frankfurt. Spanning various sizes, some have thousands of employees while others are smaller, focusing on niche investments. Notably, 2024 marked a significant year, with prominent investors making between 7 and 53 transactions each. This diverse lineup showcases varying strategies, emphasizing growth, expansion, and adaptation to market changes within the oil sector.


Top 8 Oil Refinery Construction 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 in the energy and chemicals sectors, providing essential products such as fuels, lubricants, and chemical solutions to businesses and consumers. Shell is heavily involved in the extraction, refining, and distribution of oil and gas, serving a diverse range of industries globally. Notably, Shell's acquisition of Equilon in 2001, alongside Saudi Aramco, highlights its commitment to refining, as this deal made Shell the largest petrol retailer in the US. Additionally, Shell Ventures has participated in funding rounds for companies like Veros Systems and Salamander Solutions, which, while not directly related to oil refinery construction, indicate Shell's broader investment strategy in technology and innovation that could support the refining sector. Overall, Shell's extensive operations and strategic investments position it as a key player in the oil refinery construction industry.


2. 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, UK, founded in 2011. The firm specializes in providing growth funding and value creation support to small and mid-sized businesses across the UK and Ireland. BGF addresses the funding gap in the market by making minority investments and offering extensive support services to help businesses scale. Notably, BGF has invested in several companies within the oil and gas services sector, including a minority stake in Glacier Energy Services in 2024, and a £2.25m equity investment in Aubin Group in 2013, which focuses on oil and gas services. Additionally, BGF has supported Spex Group, a provider of oil and gas services, with a £5m investment aimed at international expansion and technology development. These transactions highlight BGF's involvement in the oil and gas industry, making it a relevant player in the context of oil refinery construction.


3. TotalEnergies


TotalEnergies is a corporate investor based in France, founded in 1924, and employs over 10,000 people. The company is dedicated to producing and marketing a wide range of energy solutions, including oil, gas, and renewable energy, while aiming for carbon neutrality by 2050. Notably, TotalEnergies has been involved in several significant transactions relevant to the oil sector, such as the acquisition of the East African Crude Oil Pipeline in February 2022, which enhances their oil transportation capabilities. In June 2023, they acquired a 16.33% stake in Libya's Waha Oil concessions, providing access to substantial oil reserves and production capacity. These transactions highlight TotalEnergies' active role in the oil industry, particularly in infrastructure and production, aligning with interests in oil refinery construction.


4. Spie

  • Website: spie.com
  • Type: Corporate
  • Headquarters: Cergy, Île-De-France, France
  • Founded year: 1990
  • Headcount: 10001+
  • Number of deals in 2024: 10
  • LinkedIn: spie_2

SPIE is a multi-technical services provider specializing in energy and communications, founded in 1990 and based in Cergy, Île-De-France, France. With over 10,000 employees, SPIE offers a wide range of services including energy efficiency solutions, hydrogen production, and smart city initiatives. The company has made significant strides in the oil and gas sector, notably through its acquisition of Plexal Group, an Australian company specializing in gas transportation and LNG services. This acquisition aligns with SPIE's strategy to expand its presence in the Asia-Pacific region and indicates its commitment to the energy sector. Additionally, SPIE has been active in acquiring various companies to enhance its capabilities, including Christof Electrics GmbH & Co KG and Planen & Bauen GmbH, further solidifying its position as a leader in multi-technical services across various sectors, including those relevant to oil refinery construction.


5. 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, aiming to create lasting value for its clients, which include institutional investors, family offices, and pension funds. Notable transactions include the acquisition of Géosel in 2015, which operates in the oil and gas sector, potentially linking Ardian to oil refinery activities. Additionally, Ardian acquired Fives Group in 2012, a company that provides industrial solutions, which may also intersect with the oil refinery construction industry. These transactions highlight Ardian's involvement in sectors that could relate to oil refining, although their primary investment strategy spans multiple industries.


6. 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. The bank offers a wide range of solutions including investment banking, corporate banking, cash management, trade finance, and securities services. It serves corporate and institutional clients, helping them manage their financial assets and liquidity effectively through its digital platform, Autobahn. In recent years, Deutsche Bank has been involved in several significant transactions relevant to the oil and energy sector. For instance, in July 2023, Deutsche Bank participated in a $3.33 billion financing for Varo Energy, which is planning to invest $3.5 billion over five years, with a focus on sustainable energies. Additionally, in October 2023, BB Energy raised $600 million in debt financing, further showcasing Deutsche Bank's active role in supporting companies within the oil and energy industry. These transactions highlight Deutsche Bank's commitment to financing projects that may include oil refinery construction and related activities.


7. Wood Group - clean energy


Wood Group - clean energy, founded in 1971 and based in Glasgow, Scotland, is a leading engineering consultancy and energy solutions provider. The company specializes in project management, asset management, and decarbonisation services, serving clients across the energy and materials sectors. With a global presence, Wood operates in various markets, including oil and gas, power generation, and renewable energy. Notably, Wood Group has made several strategic acquisitions to bolster its capabilities in the oil and gas sector. In 2017, they acquired Amec Foster Wheeler for £2.23 billion, enhancing their energy sector capabilities. In 2015, they acquired BETA Machinery Analysis, a Canadian firm specializing in oil and gas engineering, to strengthen their presence in North America and Asia. Additionally, the acquisition of SVT Engineering Consultants in 2016 further expanded their expertise in engineering services for the oil and gas market, including LNG. These transactions highlight Wood Group's commitment to enhancing their technical expertise and geographic footprint in the oil and gas industry, making them a relevant player in oil refinery construction.


8. Mercuria


Mercuria Energy Group Ltd. is an energy trading company based in Geneva, Switzerland, founded in 2004. With a workforce of 1001-5000 employees, Mercuria operates globally in the commodity markets, focusing on crude oil, natural gas, and renewable energy. They provide trading services and investment in sustainable projects, catering to various industries reliant on energy procurement and management. Notably, Mercuria has been involved in several significant transactions, including a $650 million debt raise for Oando and a $700 million debt financing for Northwind Midstream Partners, both of which are relevant to the oil and energy sectors. Additionally, their acquisition of Beyond6 for $169 million highlights their commitment to expanding their footprint in the energy transition sector, which may encompass oil refinery projects. These activities position Mercuria as a key player in the energy market, with potential interests in oil refinery construction.



Oil Refinery Construction Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
ShellLondon, England, United Kingdom (UK)10001+190720
BgfLondon, England, United Kingdom (UK)51-200201153
TotalEnergiesFrance10001+192411
SpieCergy, Île-De-France, France10001+199010
ArdianParis, Île-De-France, France1001-5000199621
Deutsche BankFrankfurt, Hesse, Germany10001+187032
Wood Group - clean energyGlasgow, Scotland, United Kingdom (UK)10001+19710
MercuriaGeneva, Geneva, Switzerland1001-500020047


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