FEARS for the future of up to 1,000 jobs grew again today (Monday) following the latest dramatic moves in the continuing financial crisis gripping Swiss firm Petroplus, operators of Coryton oil refinery.
Trading in the shares of Petroplus was suspended until the close of trading at the request of the company, the Swiss exchange said - while it is reported the compnay has also been instructed to stop tankers leaving its Thurrock refinery.
The company's share price was at 1.47 Swiss francs (1.2 euros) before trading was halted at 1.20pm (12.20pm GMT).
A year ago it stood at more than 15 Swiss francs and it was 3.48 Swiss francs before the company announced financial difficulties in late December.
Last week Petroplus, Europe's largest independent oil refiner, announced it was to sell its Petit Couronne refinery in France due to the financial difficulties. The company was driven close to bankruptcy after banks froze its credit lines.
Credit ratings agency Standard and Poor's downgraded its rating last Tuesday for Petroplus by three notches due to the increased risk of a default on its short-term debt.
Following today's suspension of trading, Essex Euro MP Richard Howitt held immediate consultations with local management and workers at the refinery who confirmed to him that Petroplus' creditors had also imposed a condition preventing Coryton from continuing with deliveries of oil, also from today.
Mr Howitt said: “The suspension of shares comes as a complete surprise and, following on from the company's talks both with banks and possible alternative business partners which have been held in almost complete secrecy, have left all of us campaigning for Coryton's future fearing for the worst.
"With Coryton unable to let delivery lorries leave its premises, it is clear this is now 'make or break' both for the refinery and for its parent company.
"The restructuring that has already taken place at Coryton means that the refinery is a competitive business for the future, so everything must be done to avoid it being pulled down with the rest of the group.
“The response from both the British Government has been woefully inadequate given the threat to 1,000 jobs and to supplies of petrol to forecourts throughout the south east of England. "
Mr Howitt previously led a lobby of Euro MPs from Britain, France, Belgium and Germany to ask European Commissioner Laszlo Andor to intervene in the crisis, and who has agreed to raise the issue during a visit to the site of Petroplus' German refinery this week. The MEPs have been offered a further meeting this week with European Energy Commissioner Gunther Oettinger.