German administrator aims to sell Petroplus Ingolstadt refinery in Q2

03 April 2012 19:39  [Source: ICIS news]

LONDON (ICIS)--The insolvency administrator of Petroplus’s 110,000 bbl/day refinery in Ingolstadt, Germany, has received indicative offers for the plant and aims for a deal to sell the business by the end of the second quarter, he said on Tuesday.

The plant was one of five European refineries affected by Petroplus’s insolvency filing in January.

“Over the next few weeks, we are expecting potential investors from all over the world to come here for a briefing and to hold talks,” administrator Michael Jaffe said in a statement made available on Tuesday.

“We are aiming to conclude negotiations by the end of the second quarter and hope to find a solution that will help us to sustain continuous operations," Jaffe said.

Jaffe added that a number of international strategic and financial investors voiced specific interest in the Ingolstadt refinery and related logistics, marketing and sales units. He did not disclose any names.

The Ingolstadt refinery is a supply point for refined oil products in Bavaria and Austria, covering up to 40% of total supplies in some areas.

The refinery is currently undergoing maintenance work and technical updates to help make it attractive to investors.

By: Stefan Baumgarten
+1 713 525 2653

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