Posts by Frühstück


    ONDON | Thu May 17, 2012 5:41am EDT

    May 17 (Reuters) - Two preferred bidders are engaged in negotiations to buy Coryton, the UK's Petroplus plant, and one is looking to seal a deal within 10 days, Richard Howitt, a Member of the European Pariament said on Thursday.

    The administrator PwC had previously said that a deal would be reached by the middle of May.

    A deal with Morgan Stanley, KKR and Marcel Van Poecke to supply crude to the plant expired at midnight last night, Howitt said.…=RSS&feedName=companyNews

    LONDON -(Dow Jones)- There is still no confirmed deal for Petroplus Holdings AG's (PPHN.EB) Coryton refinery in England although a tolling agreement keeping the facility running after Petroplus's insolvency expires at midnight Wednesday, Richard Howitt, the member of the European parliament for the East of England, said Tuesday.

    PricewaterhouseCoopers, the administrator of Petroplus's U.K. subsidiaries, wasn't immediately available to comment.

    Steven Pearson, a joint administrator and partner at PWC, said earlier this month that closure of the 220,000 barrel-a-day refinery remained one of the options--along with selling, refinancing or restructuring the facility--when the current tolling deal expires.

    Coryton, the only one out of five Petroplus refineries that continued operating after the company lost access to all its credit lines and then filed for insolvency in January, employs around 850 people.

    Under the tolling deal, Morgan Stanley Capital Group Inc., KKR Asset Management LLC, and AtlasInvest deliver crude to the 220,000 barrel-a-day refinery and receive refined products in return, paying a fee to cover the costs of the administrators.

    A shipping fixture seen by Dow Jones Newswires earlier this month showed that Morgan Stanley planned to deliver an 80,000-ton cargo to Coryton May 12.

    One of the tolling deal parties, AtlasInvest, and Vitol Holdings BV agreed earlier this month to buy Petroplus's Cressier refinery in Switzerland. On the same day, commodity trader Gunvor Group announced the completion of its purchase of Petroplus's refinery in Antwerp, Belgium, saying that it would restart the 100,000-barrel-a-day refinery within days.

    The future of two other idled Petroplus refineries--in France and Germany--remains unclear.


    -By Konstantin Rozhnov, Dow Jones Newswires; +44 207 842 9956;


    (END) Dow Jones Newswires

    May 15, 2012 05:54 ET (09:54 GMT)

    Copyright (c) 2012 Dow Jones & Company, Inc.


    LONDON (Reuters) - The clock is ticking for a three-month tolling agreement that has supplied crude oil to the Coryton refinery in the UK, which was run by insolvent Swiss refinery Petroplus , to expire in less than 48 hours, a Member of European Parliament (MEP) said on Tuesday.

    The tolling arrangement, which has so far allowed refining operations to continue at the 180,000 barrels per day Coryton, is due to end at midnight on Wednesday, UK MEP Richard Howitt said in a statement.

    "Coryton is the jewel in the Petroplus crown with the biggest capacity and the best facilities for production of high grade fuels, so if there is a case for any of the affected refineries in Europe remaining open, it is the case for Coryton," Howitt said.

    Ahead of a European Union meeting in Brussels later on Tuesday, Howitt is calling for government intervention to save 2,000 jobs at the refinery, which supplies fuels to London and South East England.

    sollte es zum verkauf kommen, dann wird der kurs (den verkauf raffinerie in Cressier )bei weitem übertreffen. den laut artikel: "Coryton is the jewel in the Petroplus crown..."