Oilinvest Plans to Close Cremona Refinery and Convert to Storage Terminal

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Researched by Industrial Info Resources Latin-American (Córdoba, Argentina)--OilInvest Group B.V. (The Netherlands), through Italian subsidiary Tamoil Italia SpA, is evaluating a plan to close the 62,000-barrel-per-day Cremona Refinery and transform the production facility into a storage tank farm. Tamoil operates the refinery, which is in the city of Milan, in the state of Lombardia, Italy.

The rumor of the refinery closure was confirmed after Oilinvest met with its Tamoil representatives and local unions (CGIL, CISL and UIL) to discuss the company's intentions about the future closure of the refinery and its eventual transformation into a storage terminal. According to sources at the meeting, the company´s decision is "irreversable."

The reason for the closure is the unprofitable margins. The decomissioning process will begin by June next year, finishing by 2012.

If the facility is closed, only 30 of 300 jobs will be saved. Because of the unfavorable news, the unions have anounced a massive strike November 30, and several protest demonstrations are planned.

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