Petroplus Germany resumes deliveries but refinery still off line

24 February 2012 14:10  [Source: ICIS news]

LONDON (ICIS)--Petroplus’s German marketing business has resumed deliveries of transport and heating fuels to customers but the company’s 110,000 bbl/day refinery in Ingolstadt has not been restarted, an official for the insolvent refiner said on Friday.

Sebastian Brunner, spokesman for Petroplus’s German insolvency administrator Michael Jaffe, told ICIS that Petroplus is sourcing the fuels from other firms in the oil industry.

Brunner said the refinery remained, as previously announced, on stand-by, a status that allows its restart within a couple of days.

Switzerland-based independent European refiner Petroplus filed for insolvency last month after lenders froze about $1bn (€750m) in credit lines in late December. The insolvency affects Petroplus’s five refineries in Europe, including the plant in Ingolstadt in southeast Germany.

Brunner added that the insolvency administrator had managed to stabilise the financial situation of Petroplus’s German business. This is focused on Bavaria, where it has about 40,000 customers.

Meanwhile, a number of potential buyers have registered their interest in buying Petroplus’s German assets, including the refinery, the spokesman said without disclosing names or other details.

In related news on Friday, French state media reported that Shell has agreed to take over Petroplus’s 161,800 bbl/day refinery at Petit Couronne near Rouen in northwest France.

Brunner said he was aware of the reports but could not comment on Petroplus’s situation in France.

($1 = €0.75)

By: Stefan Baumgarten
+1 713 525 2653

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