Petroplus Holdings
AG was
Europe
Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a subcontinent of Eurasia and it is located entirel ...
's largest independent
oil refiner by capacity. When the now defunct company was first formed in 1993, it was known as Petroplus International N.V., and was based in the Netherlands. In August 1998, it was listed on the
Amsterdam Stock Exchange. In April 2005, it was delisted from the
Euronext Amsterdam stock exchange when the company was acquired by a holding company. In November 2006, the company went public on the
Swiss Stock Exchange.
Acquisitions
In 1997, it acquired the Antwerp N.V. Refinery from the
Daewoo Group.
In May 2000, it bought the Cressier Refinery, in
Cressier, Switzerland from
Shell Switzerland. In December 2000, it bought the
Teesside Refinery in
Port Clarence from
Phillips Petroleum Company.
In May 2006, it bought the BRC Antwerp Refinery for $511m from Sovereign Holding Ltd (
Bermuda
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In March 2007, it bought the Ingolstadt Refinery from
ExxonMobil for $425m. In June 2007, it bought the
Coryton Refinery near
London
London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...
from
BP for $1.4bn.
In April 2008, it bought the Petit Couronne Refinery and Reichstett Refinery, located in
France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of overseas regions and territories in the Americas and the Atlantic, Pacific and Indian Oceans. Its metropolitan area ...
from Shell for $785m.
Financial problems
In December 2011 a $1bn credit line to the company was frozen by its bank lenders. The company was planning to shut down some refineries if negotiations to restore the credit failed. The chief executive said they would do all they could to avoid bankruptcy. On 24 January 2012, Petroplus announced that they were filing for insolvency after it defaulted on $1.75 billion of senior notes and convertible bonds.
Former refineries
*Antwerp N.V. Refinery (Belgium) sold to VTTI and renamed Antwerp Terminal & Processing Company (ATPC)
*BRC Antwerp Refinery (Belgium) sold to Gunvor
*
Coryton Refinery (UK) closed
*Cressier Refinery (Switzerland) sold to
Varo Energy
*Ingolstadt Refinery (Germany) sold to Gunvor
*Petit Couronne Refinery (France) closed
*Reichstett Refinery (France) closed
*
Teesside Refinery (UK) closed
References
External links
*
BP sells the Coryton RefineryFebruary 2007 Times articlePetroplus at Yahoo! Finance
{{Authority control
Petroplus,
Oil and gas companies of Switzerland