Petroplus UK Refinery May Run Out Of Crude Within Days

 

Petroplus Holdings AG's (PPHN.EB) Coryton refinery in Essex, southeast England, may run out of crude in a matter of days but its administrators are trying to source more oil, a member of the European Parliament and a Unite labor union representative said Friday. The joint administrators, from PricewaterhouseCoopers, can't make a loss from any transaction and are allowed to buy crude only if they can make a profit, said Richard Howitt, the member of the European parliament for the East of England. PricewaterhouseCoopers hasn't returned calls seeking comment. The administrators can't give any assurances that the refinery, which has an overall capacity of 220,000 barrels a day, will get more crude, said Unite regional industrial organizer Russ Ball. Coryton was supplying around 10% of the U.K.'s fuel market and was a big supplier of jet fuel to the country's biggest airport Heathrow before Petroplus lost access to all credit lines earlier this month. Around 850 jobs are at stake at the Coryton refinery, according to PwC, but so far there hasn't been any change for the workforce, Ball said.

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