Credit crunch prompts Petroplus to shut refineries

GENEVA

Petroplus Holdings says it will temporarily halt production at three refineries in France, Belgium and Switzerland while it continues talks to unfreeze a $1 billion credit facility.

Europe's largest independent oil refiner and wholesaler has struggled to convince lenders to grant it the credit necessary to continue its operations.

The Swiss-based company says talks will continue over the coming days but in the meantime it will suspend work at the Petit Couronne, Antwerp and Cressier plants during January.

Petroplus said Friday that "the restart of the refineries is dependent on economic conditions and credit availability."

The company, which also has refineries at Ingolstadt in Germany and Coryton in England, normally produces 667,000 barrels per day.