Bloomberg News

French Court to Decide on Buyer for Petroplus Refinery on Oct. 2

September 04, 2012

A French court will decide Oct. 2 on a buyer for Petroplus Holdings AG’s Petit-Couronne refinery, one of five European plants affected by the company’s insolvency.

Two offers, from Netoil Inc. and Alafandi Petroleum Group, are being examined by the court in Rouen, Petroplus said today in a statement. The bidders have yet to submit proof of their financial and technical eligibility to run the plant in Normandy, according to the Zug, Switzerland-based company.

Petroplus, once Europe’s largest independent oil refiner, sought buyers for its plants in the region after filing for insolvency in January. Three facilities have been sold to trading companies that will keep the sites running, while a fourth, at Coryton in the U.K., will be converted to storage.

Royal Dutch Shell Plc (RDSA), previous owner of Petit-Couronne, has operated the refinery since June under a six-month tolling arrangement whereby it supplies crude and takes ownership of the products. Unions fighting to keep the plant running organized a demonstration at the courthouse today, according to a statement from the Confederation Generale du Travail.

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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