“Petroplus insolvency is blow to South East” - says Euro MP Sharon Bowles
January 24, 2012 12:43 PM
Originally published by Sharon Bowles MEP
Originally published by Sharon Bowles MEP
Sharon Bowles MEP, who represents South East England in the European Parliament, has said the filing for insolvency by Petroplus -Europe's largest independent oil refiner - is a blow to the South East.
Petroplus, based in Switzerland, has been hit hard by the financial crisis and in December had $1bn in credit lines frozen - a move that has pushed the company closer to bankruptcy.
Following an unsuccessful bid to extend its lines of credit, reports indicate that Petroplus is now moving to shut down its operations, with workers at its Coryton refinery in Essex facing the possibility of redundancy.
Speaking from Brussels today, Sharon Bowles MEP said:
"Petroplus is a major source of petrol for the South East but, with fuel deliveries now suspended, the situation looks set to take a turn for the worse.
"My sympathy is with the 1,000 workers at the Coryton refinery whose livelihoods are on the line.
"While fuel supplies from the Esso Fawley refinery in Southampton will make up part of the shortfall, the unhappy saga of Petroplus' demise is a blow to the South East."
ENDS
What would you like to do next?
-
Subscribe for updates
Follow the party's activity on...
- Twitter:
- Liberal Democrats
- Facebook:
- Liberal Democrats
- YouTube:
- Liberal Democrats