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FPS Reassures Heating Oil Customers After Petroplus Enters Administration
27th January 2012
The Federation of Petroleum Suppliers has moved to reassure heating oil customers, after Europe's largest independent oil refiner, Petroplus, entered administration.
The Swiss based company operates the Coryton refinery, near London and has storage facilities at the former Teeside refinery, near Seaton Carew on the River Tees.
Mark Askew Chief Executive of industry trade body, the Federation of Petroleum Suppliers (FPS) which represents the majority of oil distribution companies in Great Britain, said, "The FPS is pleased to see that operations are to continue at Coryton and we hope that the administrators are able to gain a positive outcome. Our members in the region reported to us that they made alternative arrangements whilst supplies were disrupted at Coryton and were able to carry on as normal without affecting their customers."
The Coryton refinery is the last of three major refineries on the Thames Estuary to remain in operation. The origins of the Coryton site can be traced back to 1919, when the site was acquired by coal merchants Cory Brothers to build an oil storage depot. In 1950, the depot was sold to the Vacuum Oil Company - a predecessor of Mobil, and under whose guardianship a new refinery complex was built in 1953. In 2000, the refinery became a wholly owned subsidiary of BP, before being sold to Petroplus in 2007 for over £700m.
Today, BP remains the refinery's single largest customer. Iit is understood the UK energy giant has been instrumental in ensuring the continued operation of the plant, since Petroplus went into administration earlier this week. The refinery has a capacity of 10 million tonnes per annum, including up to 1.1 million litres of heating oil / Jet A1 aviation fuel.