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Petroplus Refining & Marketing Ltd, Coryton refinery

Petroplus Holdings AG in Switzerland, the parent company of legal entities that own a number of European refineries including Coryton, Essex, announced on 24 January 2012 that it was preparing to file for insolvency in Switzerland.

The same day, Steven Pearson and Stephen Oldfield, partners of PwC, were appointed joint administrators of Petroplus Refining & Marketing Limited.

On 26 January 2012, the joint administrators announced that they had entered into agreements which will result in the resumption of shipments of refined oil products from Coryton, with immediate effect.

 

UKPIA and its member companies will continue to work with the Department of Energy and Climate Change to try and ensure that any potential impacts upon supplies are minimised.

 

Ends

 

Enquiries to: Nick Vandervell, UKPIA Tel. 020 7269 7604

                             

Notes to editors:

1.      UKPIA represents ten oil refining and marketing companies that operate the 8 major oil refineries in the UK; the refineries processed 73 million tonnes of crude oil and produced 75.4 million tonnes of refined products in 2010 (Source: DECC- DUKES data). UKPIA members also own around 2,200 of the 8,787 filling stations in the UK.

2.      Coryton is situated 30 miles from London, on the Thames Estuary, well located for deep water, road and pipeline facilities. It is a complex refinery with various processing units that give it a capacity of over 9 million tonnes per year, with the ability to process 172,000 barrels of crude oil per day and 70,000 barrels of other feedstocks. Crude oil storage amounts to 4 million barrels, with five jetties capable of handling tankers up to 250,000 ton deadweight. Products are moved by road, water and pipeline (nearby connection to the UKOP Thames/Mersey pipeline). On 1st June 2007, BP completed the sale of the refinery, adjacent terminal and bitumen business to Petroplus Holdings AG, Switzerland.

3.      Facts and figures
Refining capacity: 10 million tonnes per year

Output: Accounting for approximately 10%  of the UK fuels’ market
36% - Petrol
27% - Diesel
11% - Kerosene & Jet Fuel
17% - Fuel Oil
04% - Lubes & Specialities
03% - Bitumen
02% - LPG

4.       PwC contact

Katherine Howbrook
Government & Public Sector, Business Recovery and Economics, PR Manager, PwC
Tel:020 7212 2711

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