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PETROPLUS

Petroplus suitor not keen on Swiss refineries

Gary Klesch, head of the Swiss Klesch investment group, is interested in several assets of embattled oil refiner Petroplus but said he had no desire to snap up its Swiss operations.

Last week, Klesch said he was interested in buying the Petit-Couronne refinery in France as it stopped production after Petroplus filed for bankruptcy.

“We are also interested in Coryton in England and Ingolstadt in Germany,” he was quoted as saying in the Bulletin de l’Industrie Petroliere, an industry publication.

“If we buy them, we will upgrade the refineries by applying our specific strategies and work methods,” Klesch said, without giving more details.

As regards Petit-Couronne, he said the deal must be “done now or never. The longer a refinery is shut down, the more difficult it becomes to put it back into operation.”

Petroplus owns two other refineries facing closure — Antwerp in Belgium and Cressier in Switzerland — but Klesch said he had no interest in the Swiss operations, which he described as too small and connected to an unreliable supply pipeline from Marseille, southern France.

Swiss based Petroplus, with $1.75 billion in outstanding debt, was forced to seek creditor protection after the failure of talks with lenders to reopen vital credit lines.

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PETROPLUS

Libyan lifeline for bankrupt French oil plant

Bankruptcy administrators for the Petroplus oil refinery in Normandy have accepted bids from two firms to rescue the plant and have passed them on to a court, union sources said this week.

Libyan lifeline for bankrupt French oil plant
Workers outside the Petroplus oil plant during a day of action last month. Photo: Charly Triballeau/AFP

The bids from Panama-registered NetOil and Libya's Murzuq Oil are expected to be considered in the coming days, ahead of an April 16th deadline.

Unions representing the plant's 470 workers hailed the decision.

"This is very good news," said Jean-Luc Broute of the CGT union following a meeting of the plant's works council.

Two other bids, from Hong Kong-based Oceanmed Seasky System Limited and GTSA of Luxembourg, were rejected.

Opened in 1929, the refinery has struggled in recent years, with parent company Petroplus filing for bankruptcy in January 2012 and the plant placed under insolvency administration in October.

The fate of the plant has become a symbol of France's struggle to keep industrial sites running in the face of a stagnant economy and stiff global competition.

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