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Over 40 groups interested in Coryton refinery

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Posted / Last update: 10-02-2012
Administrators to an oil refinery which went bust have received over 40 expressions of interest from companies around the world, the Government announced. The news was described as "very encouraging" as efforts continue to secure the future of the Coryton site in Essex

Administrators PwC announced earlier this week that it had acquired a cargo of oil which will allow refining work to continue, providing a "breathing space" for the refinery.

Energy Minister Charles Hendry chaired a meeting of politicians, business officials and unions to discuss the future of the refinery. The minister said: "We have had another positive meeting at which the joint administrators updated those present on what they have achieved so far and their planned next steps. I welcome the progress that the administrators have made. The deal that allowed petrol and diesel to be delivered to forecourts from the refinery was a crucial boost, while the crude oil delivery acquired was important to maintaining refining operations.”

The Energy Minister added: "There are critical issues to be resolved in the coming weeks. For the long term, I understand there have been over 40 expressions of interest in Coryton from companies around the world, which is extremely encouraging. Work will now focus on securing a sustainable long-term future for the refinery."

The site, which supplies 20% of fuel in London and the South East, halted sales after its Swiss owner, Petroplus, placed the refinery in administration, prompting fears of up to 1,000 job losses.

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