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Coryton Oil refinery poised to close

  • 29 May 2012
  • By Hayley Pink

The Coryton oil refinery, which went into administration in January and sparked fears of a fuel shortage in the South-East of England, is unable to continue trading as a going concern.

Administrator PricewaterhouseCoopers (PwC) says it has spent four months investigating restructuring and sale options for the refinery, which provides around 20% of fuel for London and the South-East, however it has been unable to raise the necessary £625m funding for the site to carry on.

PwC says it is likely there will be “substantial” redundancies within the 500-strong workforce if the site is closed, with contractors contacted within the next few days to clarify the impact on their businesses. Trade unions and staff representative groups will also now be consulted.

Any closure process is likely to take up to three months, during which time discussions regarding a possible sale will continue, adds PwC.

Chris Hunt, director general of the UK Petroleum Industry Association, says: “UK and European refining is facing extremely challenging operating conditions and strong pressure on economic returns. Against this backdrop, finding a buyer for Coryton may have proved too difficult a task for the administrators”.

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Article source: http://www.commercialmotor.com:80/latest-news/coryton-oil-refinery-poised-to-close