FOLLOWING the collapse of the international oil refining group Petroplus, administrators have been appointed to run its UK operation, centred around the Coryton refineryin Thurrock which employs around 850 people.
Steven Pearson and Stephen Oldfield partners of PwC were appointed joint administrators of Petroplus Refining and Marketing Limited on today (Tuesday).
Mr Pearson and Ian Green of PwC have been appointed to a sister company, Petroplus Refining Teesside Limited which operates an oil storage site on Teesside and a Research & Development site in Swansea. Petroplus Refining Teesside Limited has approximately 60 employees.
A statement issued this afternoon says: "The Petroplus group has faced well documented refinancing challenges and suffered as a result of low refining margins and high restructuring costs. During December 2011 Petroplus Holdings AG announced that it was in discussions with its lenders to restructure its various financing arrangements. Petroplus Holdings AG was unable to reach agreement with its lenders and is unable to continue to fund its subsidiaries."
Mr Pearson, said: "Our immediate priority is to continue to operate the Coryton refinery and the Teesside storage business, without disruption while the financial position is clarified and restructuring options are explored. Over coming days we intend to commence discussions with a number of parties including customers, employees, the creditors and the Government to secure the future of the Coryton and Teesside sites."