27 January 2012 16:45 [Source: ICIS news]
LONDON (ICIS)--Petroplus’s 110,000 bbl/day refinery at ?xml:namespace>
Sebastian Brunner, spokesman for Petroplus’s insolvency administrator in Germany told ICIS the administrator would try to keep the refinery running as long as that makes economic and financial sense, while seeking a possible buyer.
A German court appointed lawyer Michael Jaffe as insolvency administrator for Petroplus’s German businesses, including the
Jaffe and 25 colleagues are “on site, working under high pressure” to secure the liquidity needed to keep the refinery and Petroplus’s related businesses in
All of Petroplus’s 420 staff in
“The workforce is highly motivated,” Brunner said.
Most of the workers are former ExxonMobil employees. Petroplus acquired the refinery in 2007 from the US-based energy and chemicals major.
Brunner said the
“Along with the Coryton refinery in the
Petroplus’s German business continued to record operating profits in past quarter, despite tough conditions in the European refining industry.
The difficult refining market could make it that much harder for Jaffe and his team to find a buyer, Brunner added.
Still, Jaffe helped rescue many businesses that went insolvent in the 2008/2009 economic crisis, including German textile chemicals major DyStar which was sold to India’s Kiri Dyes & Chemicals in 2010.
Petroplus, for its part, kept Ingolstadt and the 220,000 bbl/day Coryton refinery running even as it shut down refineries in France, Switzerland and Belgium after lenders froze some $1bn (€760m) in credit lines in December.
According to Petroplus’s website, the
The refinery gets its crude supplies from a 750km pipeline system that ships oil to
In related news, French news media reported on Friday that Switzerland-based industrial investment group Klesch may be interested in acquiring Petroplus’ 161,800 bbl/day refinery at Petit Couronne near
Klesch could not immediately be reached for comment.
In 2010, Klesch bought Shell's refinery at Heide, near
Additional reporting by Leigh Stringer and Franco Capaldo
($1 = €0.76)
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