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Trade unions in the United Kingdom

Petroplus UK Refinery Manager, Trade Union To Meet ...

Trade unions in the United Kingdom 57%

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LONDON (Dow Jones)--Representatives of British trade union Unite will Thursday meet with the manager of Petroplus Holdings AG's (PPHN.EB) Coryton refinery in Essex, southeast England, following the withdrawal by banks of the company's credit lines last week, the union's regional industrial organizer said Monday.


Coryton manager Jon Barden is meeting union representatives to discuss the situation at the refinery now that Petroplus is unable to purchase any more crude to run its refineries following the loss of its credit lines.


Petroplus was not available to comment.


At the end of December, Petroplus said it was temporarily shutting down three of its refineries, but would continue to operate Coryton and the Ingolstadt refinery in Germany. Friday, Petroplus said the two refineries are now running at reduced rates.


According to the Petroplus website, the Coryton refinery is the most complex of the company's facilities. It has a throughput capacity of 220,000 barrels per day, representing around a third of Petroplus' overall refining capacity.


The Coryton refinery still has crude oil in its tanks and is continuing to operate, but some contractors have alrady been served notice, said Russ Ball, Unite regional industrial organizer.


By Konstantin Rozhnov


Read more: WSJ.com (JANUARY 9, 2012)

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