Petroplus Coryton refinery shipments resume – PwC

26 January 2012 10:47  [Source: ICIS news]

LONDON (ICIS)--Petroplus administrator PricewaterhouseCoopers (PwC) has agreed to resume shipments of refined oil products from its Coryton refinery site in the UK with immediate effect, the consulting and auditing firm said on Thursday.

Shipments from the facility were halted earlier this week after negotiations between Petroplus and creditors to extend deadlines for loan repayments broke down. The Coryton oil refinery in Essex has a total throughput capacity of 220,000 bbl/day. The refinery has 500 employees and 350 contractors.

"I am pleased that we are able to resume fuel supplies in the region. The team has worked collaboratively with customers to get to this stage so quickly," said joint administrator Steven Pearson, a PwC partner.   

Petroplus filed for insolvency on Wednesday. PwC had been appointed as administrator on Tuesday after the company announced that it planned to go into administration.

Petroplus had been negotiating with lenders to reopen credit lines needed to maintain operations and meet financial obligations, while also trying to arrange alternative financing and liquidity facilities.

However, the company said in a statement that it was unable to reach an agreement with its lenders and unable to continue to fund its subsidiaries.

Last week, Petroplus had announced plans to sell its refinery in Petit Couronne, France, and said it was evaluating the potential sale of its refineries in Switzerland and Belgium.

Petroplus earlier this month temporarily shut down its refineries at Cressier, Switzerland; Petit Couronne; and Antwerp, Belgium, after lenders froze some $1bn (€760m) in credit lines.

Its facility at Petit Couronne has a throughput capacity of 161,800 bbl/day; Antwerp has a throughput capacity of 107,500 bbl/day; and Cressier has a throughput capacity of 68,000 bbl/day.

The company had said it would initiate a sales process for the Petit Couronne refinery and its related marketing business, after a consultation process with the works councils.

Additional reporting by Stefan Baumgarten

($1 = €0.76)

By: Leigh Stringer
+44 208 652 3214

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