BP to sell its last refinery in UK to Petroplus

Oct 31, 2007 01:00 AM

BP is to sell its last refinery in the UK. The disposal of Coryton, in Essex, for £ 714.6 mm (EUR 1,27 bn) comes just over a year after BP offloaded its refinery at Grangemouth.
Close to the M25, the Coryton site is responsible for loading about 700 tankers a day to meet 22% of the UK’s fuel demand at petrol stations. The refinery also supplies Heathrow and Gatwick airports with jet fuel via direct pipelines.

The operation is being bought by Swiss firm Petroplus Holdings, which owns and operates three European refineries, including one on Teesside. BP and Petroplus have entered into a long-term supply agreement which will provide BP’s retail and other businesses with the products they need.
John Manzoni, chief executive of BP’s refining and marketing business, said: “BP is very much committed to the UK and does not need to own a refinery in the UK to offer its UK customers the best in fuel products.’’

After completion of the sale expected to be complete by the summer of 2008. About 540 staff will transfer to Petroplus.
Coryton began operations in 1953.

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