Petroplus to shut down three European refineries

Oil refiner Petroplus Holdings will suspend operations at three of its refineries over the coming weeks due to limited credit availability and the economic climate in Europe.

The company will begin temporary economic shutdowns of its Petit Couronne refinery in northern France, the Antwerp refinery in Belgium and the Cressier facility in Switzerland this month.

These refineries have a combined total processing capacity of approximately 337,300 barrels of crude per day.

Petroplus decided to suspend operations after lenders froze $1bn of its credit lines in late December 2011.

The company is now fighting to secure crude supplies for its facilities in Europe after banks froze its uncommitted loans.

Petroplus said the restart of the three refineries is dependent on economic conditions and credit availability.

The refiner also said that last week’s talks with lenders were open and constructive, and that it will continue discussions with banks over the comings days to restore the availability of credit to ensure proper operations of its facilities.

Petroplus, Europe’s largest independent oil refiner and wholesaler of petroleum products, owns and operates five refineries across the continent.

The company’s facilities include the Coryton refinery in the UK, the Petit Couronne refinery in France and the Ingolstadt facility in Germany.

Earlier in 2011, the company stopped processing crude oil at its Reichstett refinery in France.