Varo Energy's owners, including US private equity giant Carlyle Group and commodities trader Vitol Group, are eyeing an initial public offering next year that could value the European oil refiner around $2bn, according to people familiar with the matter, The Wall Street Journal reports.

The IPO plan comes as Europe’s oil refineries have enjoyed a bumper few years, after a fall in oil prices and strong demand for refined products, such as gasoline and diesel, combined to boost profits.