Oil refinery saved from closure

One of the UK's biggest oil refineries, which entered administration last month, has been rescued from possible closure.

The previous owner of the Coryton refinery in Essex, Swiss energy firm Petroplus, filed for bankruptcy in late January, sparking fears that the plant could close with the loss of almost 1,000 jobs.

But it has now been announced that a consortium of backers has agreed a deal with administrators PricewaterhouseCoopers, which will see operations continue at the plant for at least three months while a new financing scheme is considered.

Administrators recently secured a cargo of oil that will be processed at the Coryton site.

The Coryton oil refinery is a vital part of the UK's oil delivery network, supplying around 20% of the fuel used in London and the south of England.

Copyright Press Association 2012

< Previous Page