Wed, 25 Jan 2012 | ADMINISTRATION
The Coryton oil refinery, one of the largest in Britain, has been placed into administration, leaving 1,000 staff in danger of losing their jobs.
The Essex refinery, which supplies 20 per cent of all fuel in London and the South East, ceased sales on Monday, telling its staff it is not clear when supplies might resume.
Its Zurich-based owner, Petroplus, intends to file for insolvency, after being unable to come to an agreement with creditors to extend its loan repayment deadline.
Speaking on behalf of the administrators at PwC, Steven Pearson said: “Our immediate priority is to continue to operate the Coryton refinery and the Teesside storage business without disruption while the financial position is clarified and restructuring options are explored.”
Coryton has a total capacity of 175,000 barrels of crude oil per day. Based close to the M25, the site produces petrol, diesel, aviation fuels, liquefied petroleum gas, fuel oils and bitumen. Formerly owned by BP, the 586-acre site began operations in 1953.
There are only another seven refineries in Britain – two in North Lincolnshire, one near Southampton, Falkirk, Cheshire and two in Pembrokeshire.
Petroplus purchased the Coryton site from BP in June 2007 for $1.4 billion. The firm reported a net loss of $413 million for the first nine months of 2011.
The company’s offering includes installation and maintenance of satellite services, digital signage, TV distribution systems, Audio & Video solutions, Indoor and Outdoor LED, Wi-Fi installations, PC staging, and content creation. Other skills cover C...
An opportunity to acquire a reputable IT services company based along the M4 corridor with over 20 years of trading experience. The company has built and maintained a thriving, long-standing client base of businesses across a variety of sectors.
Founded over 40 years ago, this well-established manufacturing and supply company operates across the marine and leisure sectors, with a strong focus on serving the OEM market. The business specialises in high-performance water heating solutions tail...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.