PwC takes on major London oil refinery administration

LONDON’S BIGGEST oil refinery has been handed over to administrators from PwC by its Swiss parent company.

Petroplus, which refines 220,000 barrels a day from the Thames, was declared insolvent after the group suffered refinancing issues, a high cost base and high restructuring costs.

The business has around 60 employees, and supplies aronud a fifth of London and the south-east’s 2,000 forecourts.

“Our immediate priority is to continue to operate the Coryton refinery and the Teeside storage business, without disruption while the financial position is clarified and restructuring options are explored,” said PwC joint administrator Steven Pearson.

“Over coming days we intend to commence discussions with a number of parties including customers, employees, the creditors and the government to secure the future of the Coryton and Teesside sites.

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