Petroplus bad news

[masona]

Just heard Petroplus which bought the BP refinery at Coryton in approximately 2007 are now having financial problem

Petroplus got to the stage where it can no longer afford to buy crude feed stocks. Was told they only got enough funding for the next 2/3 weeks

The last I've heard Coryton refinery is profitable so hopefully they will keep it on, if not, I have no idea, will it be shortage of petrol/diesel etc in the UK? Import the petrol/diesel which may add costs?

http://www.reuters.com/article/2011/12/28/petroplus-idUSL6E7NS1SY20111228

I hope our government are listening if needed

 

[joe-90]

Sounds to me they are saying that there is over-supply due to the economic downturn in Europe. My guess is that the first plant to close will be the UK to teach us a lesson and to keep jobs in France.

 

[enyam]

Sounds to me they are saying that there is over-supply due to the economic downturn in Europe.

AfterIhavehadmydinnerdad is threatening to block the straights of Hormuz, that will soon ease any over supply.

 

[joinerjohn]

There's no such thing as over supply of fuel. This is purely designed to increase petrol and diesel prices. Thus making more profit for the oil industry.

 

[joe-90]

When your storage drums are full they are full. That's over supply.

 

[masona]

There's no such thing as over supply of fuel.

There isn't a shortage of crude oil, Petroplus are having problem paying for it

This is purely designed to increase petrol and diesel prices. Thus making more profit for the oil industry.

Don't think so, the oil companies make hardly any profit selling at the pumps apart from the government, the profit are in oil, gas and bitumen.

 

[enyam]

There's no such thing as over supply of fuel.

There isn't a shortage of crude oil, Petroplus are having problem paying for it

This is purely designed to increase petrol and diesel prices. Thus making more profit for the oil industry.

Don't think so, the oil companies make hardly any profit selling at the pumps apart from the government, the profit are in oil, gas and bitumen.

So why have they got into trouble,is it purely because of the downturn in Europe,if so are they a small company that cannot compete against the rest?

 

[joinerjohn]

Here's a slightly different take on the same story.
http://online.wsj.com/article/SB10001424052970204720204577126603436431914.html

Read the first sentence carefully.

Prices of gasoline, diesel and other refined products could rise in Europe if European refiners like Petroplus Holdings AG scale back output due to the credit crunch, European traders and analysts said Wednesday.

Enyam asks

are they a small company that cannot compete against the rest?

The initial article first linked to by the OP states that Petroplus contribute only 4.4% of European refining capacity. So I suppose they are a very small fish in a large pond.

 

[ryme64]

the tattoo post makes more sense

 

[enyam]

Read the first sentence carefully.

Prices of gasoline, diesel and other refined products could rise in Europe if European refiners like Petroplus Holdings AG scale back output due to the credit crunch, European traders and analysts said Wednesday.

$145 a barrel again.

 

[fang01271027]

Just heard Petroplus which bought the BP refinery at Coryton in approximately 2007 are now having financial problem

Petroplus got to the stage where it can no longer afford to buy crude feed stocks. Was told they only got enough funding for the next 2/3 weeks r4r4 3ds

The last I've heard Coryton refinery is profitable so hopefully they will keep it on, if not, I have no idea, will it be shortage of petrol/diesel etc in the UK? Import the petrol/diesel which may add costs?

http://www.reuters.com/article/2011/12/28/petroplus-idUSL6E7NS1SY20111228 r4ps3 jb2

I hope our government are listening if needed

Is sad.

 

[masona]

So why have they got into trouble,is it purely because of the downturn in Europe,if so are they a small company that cannot compete against the rest?

Petroplus is the largest independent refiner owns five refineries across Europe. In 2007 Petroplus bought the Coryton refinery from BP at $1.4 billion which was far too expensive even Shell, Mobil and Esso wouldn't pay that price at the time! IMO Petroplus got too big, too quick. A rumour early in the year that Petroplus put Coryton refinery up for sale but no joy

 

[enyam]

Petroplus is the largest independent refiner owns five refineries across Europe. In 2007 Petroplus bought the Coryton refinery from BP at $1.4 billion which was far too expensive even Shell, Mobil and Esso wouldn't pay that price at the time! IMO Petroplus got too big, too quick. A rumour early in the year that Petroplus put Coryton refinery up for sale but no joy

Look's as if they paid over the odds then.I suppose in their defence it could be argued that the economy was supposed to get better not worse.

 

[ladylola]

Wonderful how our economic system works isn't it? They can't afford to buy the crude so the markets respond by potentially raising the price of crude. Hmm common sense or rocket science.

 

[Stivino]

Wonderful how our economic system works isn't it? They can't afford to buy the crude so the markets respond by potentially raising the price of crude. Hmm common sense or rocket science.

That's something like my local council. If you're late or miss a council tax payment, you then have to pay the rest of the year's payments in one.
They don't seem to understand that it I don't have the money for the May/June/whatever month, how is one supposed to get enough to pay six months DOH!