Shell to help fund restart of Petroplus French refinery

24 February 2012 15:28  [Source: ICIS news]

LONDON (ICIS)--Shell has agreed to help fund the restart of Petroplus’s 161,800 bbl/day French refinery at Petit Couronne, the Anglo-Dutch energy and petrochemical major said on Friday.

Under a memorandum of understanding with Petroplus’s French insolvency administrators and the French authorities, Shell agreed to contribute up to €10m ($13m) to the restart, it said.

Following the restart, Shell said, it would enter into a six-month toll processing contract to supply the refinery with 100,000 bbl/day of crude oil and then sell the refined products on the markets.

However, Shell ruled out repurchasing the Petit Couronne refinery, which it sold to Petroplus in 2008. The refinery near Rouen, in northwest France, employs a staff of 550 people.

Earlier this year, the Switzerland-based independent European refiner Petroplus stopped operating the refinery following its insolvency filing. The insolvency 
affected five Petroplus refineries in Europe, including Petit Couronne.

The Petit Couronne refinery supplies a number of downstream customers in the chemical industry, including French plants of US-based lubricants additives major Lubrizol.

In related news on Friday, a spokesman for Petroplus’s German insolvency administrator said that the company’s marketing business in that country had resumed deliveries of transport and heating fuels to customers.

However, Petroplus’s 110,000 bbl/day refinery in Ingolstadt has not been restarted. The unit remains on standby, a status that allows its restart within a couple of days, the official said.

($1 = €0.75)

For more on Petroplus visit ICIS company intelligence

 


By: Stefan Baumgarten
+1 713 525 2653



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