26 June 2012 20:08 [Source: ICIS news]
LONDON (ICIS)--Vopak, Shell and Greenergy have agreed to acquire the assets of the Coryton refinery in ?xml:namespace>
The three companies will not continue operating the 220,000 bbl/day Coryton refinery but rather plan to convert the site into a fuel import and distribution terminal, they said.
Vopak, Shell and Greenergy bought the assets from the administrators of Petroplus, a Switzerland-based independent refiner that went insolvent earlier this year. The insolvency affected Petroplus's five refineries in Europe, including the one in the
The Coryton terminal will be managed by Vopak. Initial storage capacity is about 500,000 cubic metres (cbm), with potential expansion to 1m cbm in later stages, the companies said.
Andrew Owens, CEO of UK-based petrol and diesel supplier Greenergy said that Coryton would be the
The terminal would target importing diesel from refineries around the world, Owens said.
“With diesel sales continuing to grow ahead of petrol sales in the
The sale came after the administrators failed to find a buyer who would continue operating the refinery.
However, to continue operating the refinery, hundreds of millions of pounds would have needed to be invested, Hendry said.
“Unfortunately, this has presented a huge barrier to potential new owners to invest because of the costs involved,” he added.
Richard Howitt, a British member of the European Parliament, called the closure of the refinery a devastating blow for the workers.
"Unlike in France, the [UK] government offered absolutely no support," Howitt added.
Howitt had been involved in efforts to find a buyer to continue operating the plant.
Petroplus's refineries in
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