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Oil Refinery Files for Bankruptcy

Community Veteran
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Registered: 12-08-2007

Oil Refinery Files for Bankruptcy

The Coryton refinery in Essex has filed for bankruptcy.  It supplies 20% of fuel to the south east of England.  A union official said this afternoon that this could add a few pence per litre to the cost of fuel.
Refinery
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Community Veteran
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Registered: 12-08-2007

Re: Oil Refinery Files for Bankruptcy

PWC have said they have high hopes to find a buyer for the refinery. Good news fro the workers Smiley
Community Veteran
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Re: Oil Refinery Files for Bankruptcy

It's still running though. I would assume that production will not be allowed to stop despite the problems and that some solution will soon be found.
Funny how they say prices will rise. Any other business goes bust prices always fall as the bankrupt stock is sold off cheaply.
Community Veteran
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Re: Oil Refinery Files for Bankruptcy

It is still working but nothing is leaving the site so it will soon reach capacity when production would have to stop I assume.
Community Veteran
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Re: Oil Refinery Files for Bankruptcy

Has anyone ever heard of Supply and demand?  I heard the theory turned on its head in the news about Coryton.
The theory says that if demand goes up, the price goes up, and if demand goes down, the price goes down.
The news said that Coryton has gotten into trouble, because the the demand for fuel is going down, while the price of oil is going up. So basically the oil companies can ignore the market and charge what they like.  They then sell the oil to themselves at over inflated prices, charge more for the product that actually needs less refining (diesel), and then pass the overinflated costs on to the motorist and haulier, who has no choice but to pay it.
The oil companies then get  more profit for selling less.  
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Community Veteran
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Re: Oil Refinery Files for Bankruptcy

I reckon its all political myself. Anything to squeeze the british motorist. I'm so hacked off with it I'm seriously thinking about getting shot of the car as its an unwanted financial liability.
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Community Veteran
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Re: Oil Refinery Files for Bankruptcy

Quote from: artmo
The Coryton refinery in Essex has filed for bankruptcy. 

No, it's owners in Switzerland are the ones that have done that.  Wink
Community Veteran
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Re: Oil Refinery Files for Bankruptcy

They shut the Petroplus refinery in Teesside a couple of years back.
My old company and Petroplus did a project together to provide Biodiesel in the NE of England  Sad
So they have been in difficulty for a least a couple of years
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Community Veteran
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Re: Oil Refinery Files for Bankruptcy

Quote from: artmo
It is still working but nothing is leaving the site

The news showed BP tankers still driving onto and around the site. Unless that was old footage.
If the place does shut up shop I suppose the fuel will get sold off cheap. Cheap to other petrol companies who will sell it on at the usual government assisted over inflated price.
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Re: Oil Refinery Files for Bankruptcy

Remember that something like 80% of the price at the pump is duty and taxes.
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Community Veteran
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Re: Oil Refinery Files for Bankruptcy

.......don't let the facts get in the way of a rant Strat Wink Wink
pierre_pierre
Grafter
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Re: Oil Refinery Files for Bankruptcy

this morning from Price Waterhouse (In person on radio)
Corytown do not own any of the fuel they process, Petroplus only do the processing, and they are making a profit in Essex.
they are still processing, there is a temporary hold up on movements while confirming who is paying for what.
Multi firms, and self employed are driving the tankers
there has already been interest in the take over from Petroplus
nadger
Rising Star
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Re: Oil Refinery Files for Bankruptcy

Wonder if BP will buy it back again assuming they can afford it after Gulf of Mexico.
Community Veteran
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Re: Oil Refinery Files for Bankruptcy

I wonder if BP would want it back in their ownership again Undecided
There is over capacity in refining in this country I heard on the radio this morning and our refineries are under immense pressure from larger and more efficient refineries in such places as China.
BP and Shell are the two major users of Coryton and they have both said they have already made contingency plans to get supplies from elsewhere.
Community Veteran
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Re: Oil Refinery Files for Bankruptcy

Announcement tonight that distribution from Corytown will start again in 24-48 hours.