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Cash-rich commodities trading firms are spending billions of dollars to acquire refineries in Europe, as Western majors and other legacy players exit the stage. It's part of a larger push by the world's biggest traders to expand their asset management portfolios and mobilize their cash stacks while adding value to their trading activities. Leading the way is Swiss giant Vitol, which last year spent around $1.8 billion to buy Saras, the Italian group controlled by the Moratti family, which owns a 300,000 barrel per day refinery in Sarroch, Sardinia. And just last month, Varo Energy, Vitol鈥檚 joint venture with US private equity group Carlyle, agreed to buy Preem, Sweden鈥檚 352,000 b/d refiner, for an undisclosed price. Preem is 100% owned by Saudi-Ethiopian tycoon Mohammed Hussein al-Amoudi, who bought the two refineries in Gothenburg and Lysekil in 1994 and then integrated them under his investment group, Corral Holdings. Later this year, Preem will become one of Europe鈥檚 largest producers of renewable fuels with the completion of the Synsat project at Lysekil, which will boost annual production of products like renewable diesel from 300,000 tons currently to 1.3 million tons. Vitol, which trades more than 7 million b/d of crude oil and products from around the world, will oversee feedstock supplies to the two refineries, while Carlyle will be in charge of operations. The joint venture, which was established in 2012 and in which Vitol owns a one-third stake, already has a sizeable downstream portfolio in Europe that includes a majority interest in Germany鈥檚 220,000 b/d Bayernoil refinery.