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Petroplus Refining & Marketing Limited (PRML)

Update from the Joint Administrators

The Joint Administrators of Petroplus Refining & Marketing Limited (PRML) have announced that they have today signed a tolling agreement involving a collaboration of Morgan Stanley Capital Group Inc. (MSCGI), KKR Asset Management, LLC, and AtlasInvest.

Under the tolling agreement, crude oil will be delivered to the Coryton refinery for processing for an initial period of three months. This arrangement allows the refinery to continue to operate as usual whilst the feasibility of a permanent solution for the refinery is explored. Options being explored include a sale of the business and re-financing.

Click here to read PwC's press release

Energy Minister Charles Hendry said: "This is excellent progress for Coryton refinery. It provides the business and it employees with a period of stability, keeps the facility operational and gives the administrators time to work on a long term solution for the site. This has been an outstanding example of the whole community working together to support the Administrator. My thanks to everyone concerned for the work done so far".

Click here to read the Energy Minister's statement 


Ends

 

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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