Petroplus' Teesside Refinery Up for Sale

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Researched by Industrial Info Resources (Sugar Land, Texas)--The Teesside refinery, situated on the River Tees in northeast England, was built in 1966 and acquired by Petroplus Holdings AG (VTX:PPHN) (Zug, Switzerland) in the year 2000. The refinery is focused on straight-run distillation and has a capacity of 117,000 barrels per day. However, the facility is currently shut and has been put up for sale. All units will be kept offline until it is sold.

"At the end of March, we stopped buying crude. It's closed for Q2 and we are looking at alternatives. It's in a safe, shut down mode and could be restored," Robert Lavinia, Petroplus' CEO, said in a conference call from the company's headquarters in Zug, Switzerland. The refinery halted production in mid-May, and Petroplus has stated that if the plant is not sold by the end of this year, it will be converted into a storage site.

Similar situations are striking several refiners throughout the world, and many are analyzing plans to shut or sell plants because of the low demand for oil.

Created in 1993, Petroplus Holdings AG is currently the largest independent refiner and wholesaler of petroleum products in Europe. The company's main market areas are in Switzerland, Germany, the U.K., France, Belgium, Luxembourg and the Netherlands. The company also exports oil products to other European countries and countries outside Europe.The holding has a wide range of oil products and specializes in refining crude oil to produce high-grade traffic fuels, special-purpose products, gasolines, diesel oils, light and heavy fuel oils, aviation fuels and gasoline components.

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