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Tuesday, 24 January 2012

Petroplus Refinery in Administration Talks

The Zurich based owners of Petroplus have announced that they are looking to put their UK based operations into administration after the failure of discussions with their bankers.  The refinery Coryton refinery in Essex - which supplies 20% of fuel in London and the South East may shut down and 1000 jobs will be at risk.   There only eight refineries in the UK - at South Killingholme, Fawley near Southampton, Grangemouth, Stanlow, Milford Haven, Lindsey in north Lincolnshire and Pembroke, as well as Coryton.

The closure of the refinery could mean supply problems across the South East but the public are warned to not panic buy petrol as this will just make the situation worse as local supplies get out of Sync.

A refinery is unlikely to be shut down permanently but a buyer should be found to restart supplies.  The company has announced its "intention to appoint" so no formal insolvency procedure has started yet.  The shares in Petroplus fell 87% today.

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