Oil and Gas Industry BP Expects “No Immediate Supply Issues” From Petroplus Insolvency

Editor: Dominik Stephan

BP, biggest customer of Petroplus' Coryton refinery, expects “no immediate supply issues across retail network”. Coryton currently processes about 100,00 barrels per day, although running at only 45 percent capacity. The demise puts nearly 900 jobs at stake.

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(Picture: BP)
(Picture: BP)

London/United Kingdom – “We are seeking clarification about the current situation at Petroplus and are monitoring the situation extremely closely,” a BP speaker told PROCESS today. BP currently is the main customer of Petroplus' Coryton site and therefor possibly affected by the company's insolvency. The British based oil multinational nevertheless states that “there are no immediate supply issues across [BP's] retail network.”

Coryton refinery has already been subject of several production cuts after the Swiss based holding company Petroplus, Europe's largest independent refiner, faced severe problems with getting credits for its ongoing operations. Since January 10th, a Reuters report states, the plant had been running at only 45 percent capacity (roughly 100,000 barrels per day). Today, Petroplus declared negotiations about further credits a failure, planning to file for insolvency as soon as possible. The sale of petroleum products at Coryton came to an immediate halt.

Apart from possible fuel shortages in the UK, Petrplus insolvency puts the jobs of around 500 employees and 350 contractors at Coryton at risk. “My sympathy is with the 1,000 workers at the Coryton refinery whose livelihoods are on the line,” said MEP Sharon Bowles, who represents South East England in the European Parliament. “While fuel supplies from the Esso Fawley refinery in Southampton will make up part of the shortfall, the unhappy saga of Petroplus' demise is a blow to the South East.“ The Coryton refinery produces mainly petrol, diesel, kerosene and fuel oil.