Tue, 29 May 2012 | ADMINISTRATION
An oil refinery in Essex has been forced to close after its administrators failed to find a buyer to save the struggling plant.
The Petroplus Refinery in Coryton was put into administration earlier this year by its Swiss owners but it had been hoped that funding in the region of £625 million could be raised to save it. This has not proved possible, however, and the site will now be wound down over the next three months.
According to the administrator the negotiations to find an alternative restructuring or sale option were unachievable against a backdrop of an “over-supplied” European refinery market.
Redundancies are set to follow, with a substantial percentage of the 500-strong workforce likely to lose their jobs, while the 350 contractors are yet to hear what their fate will be.
A spokesman for the Department of Energy and Climate Change commented: “It is disappointing that PwC has been unable to find a buyer for Coryton. This is particularly bad news for the workers at Coryton. I want to reassure people that there will not be any impact on fuel supply from this development.
"Continuing jetty operations at Coryton means that there should be no loss of supply through the terminal to London and the South East."
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