Varo Energy CEO Links Defence Spending to Refining Demand Boost

By EC Assets · Published 1 October 2026

Varo Energy's Chief Executive Officer stated that defence spending is boosting demand for refining operations. This development comes as the energy sector faces various global dynamics. The company previously canceled its Amsterdam initial public offering. Varo Energy's CEO noted that the U.S.-China trade dispute had impacted global markets. This dispute negatively affected other European initial public offerings. These market conditions led Varo Energy to scrap its planned flotation. Separately, Russia has launched extensive strikes on Ukraine's energy grid. These strikes are forcing power cuts ahead of the winter season. In the United Kingdom, energy bills are rising by £60 annually. Some households report paying £300 a month for energy bills and still feeling cold. This article is intended for informational purposes only. It does not constitute investment advice.