ADMINISTRATORS running the Petroplus refinery at Coryton have signed an agreement ensuring supplied of crude oil to the plant for the next three months, securing jobs at the site for the moment and boosting hopes of a long term deal on its future.
The deal involves a collaboration of financiers Morgan Stanley Capital Group Inc. (MSCGI), KKR Asset Management, LLC, and AtlasInvest.
Under it, crude oil will be delivered to the Coryton refinery for processing for an initial period of three months.
The arrangement allows the refinery to continue to operate as usual while the feasibility of a permanent solution for the refinery is explored. Options being explored include a sale of the business and re-financing.
Steven Pearson, joint administrator and partner at PwC said: “I am delighted to have reached this arrangement. It is the culmination of constructive negotiations over many days and it creates vital stability at the refinery while we find a restructuring solution. We now look forward to working with MSCGI, KKR and Atlas over the coming weeks and months to jointly ensure all long-term options are examined.
“I would also like to personally thank the customers, suppliers, employees, union, subcontractors, management and the PwC and legal teams for their constructive approach in allowing us to reach this agreement.
“This collaborative approach has been central to ensuring this arrangement could be concluded so quickly in very difficult circumstances.”
