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Job fears for oil refinery in Essex

Tuesday May 22nd 2012

It is thought that around 1,000 jobs could be lost in the south east of England after funding for an oil refinery could not be found.

The Coryton oil plant in Essex is yet to find a buyer after its owners, Petroplus, put the factory into administration three months ago.

The plant has been kept going by a group of financiers but that deal came to an end last Wednesday and now the plant needs a buyer to survive.

Sources told The Sunday Times that it is looking increasingly likely that the plant will now close and be turned into a storage facility, but it is believed that the administrators are desperately trying to find a buyer to keep the plant operational as a refinery.

Vitol, one of the biggest independent oil traders in the world, reported an interest in the plant but rumour has it that it dropped out of the talks last week. However, the paper understood that there was still another potential buyer interested at the time.

Copyright Press Association 2012

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