The Swiss Oil Refiner, Petroplus has said it is to file for insolvency and have appointed PricewaterhouseCoopers (PwC) as administrators.
The UK subsidiary of the firm owns the Coryton oil refinery in Essex. Owned and operated by Petroplus Refining and Marketing Limited, the oil refinery employs around 500 staff and 350 contractors.
It supplies about 20% of fuel for London and the South East. There is already concern that there could be a fuel shortage in the South East due to this closure but speaking to the BBC, BP say; “There are no immediate supply issues across our network.”
Petroplus chief executive Jean-Paul Vettier commented;
“We have worked hard to avoid this outcome, but were ultimately not able to come to an agreement with our lenders to resolve these issues given the very tight and difficult European credit and refining markets. We are fully aware of the impact that this will have on our workforce, their families and the communities where we have operated our businesses.”
A group of European parliamentarians have met to discuss various options available to help save jobs at Petroplus. The company have facilities in France, Germany, Belgium, Switzerland and the UK.
