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England, UK: Petroplus Needs to Raise 760m to Keep Essex Refinery Operating

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Friday, 16 March 2012
coryton-refinery.jpg
The administrators of insolvent Petroplus will need to raise around €760m if they want to keep running the company's refinery at Coryton, Essex, they said in a proposal to creditors on Tuesday. The administrators, Steven Pearson and Stephen Oldfield, from PriceWaterhouseCoopers, will have to sell or shut down the refinery if they cannot procure refinancing. 

Apart from the refinery itself, which has a value of around $1.3bn, Petroplus' UK business also has $250m in accounts receivable from the Swiss company's operations on the continent. 
 
Last week administrators chose to sell Petroplus' refinery in Antwerp to oil trader Gunvor when it couldn't find the funds to reopen the operation by itself, while Shell has agreed to invest in its refinery in Petit Couronne, France. Petroplus' German and Swiss operations are currently seeking financing. 
 
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