The Coryton oil refinery in Essex has signed a three month agreement with three firms to keep it operational. The plant’s owners Petrolplus filed for insolvency last month, which threatened the future of one of the south east’s largest fuel suppliers.
The administrators, PricewaterhouseCoopers, said in a statement: “This arrangement allows the refinery to continue to operate as usual whilst the feasibility of a permanent solution for the refinery is explored.”
Morgan Stanley Capital Group, KKR Asset Management, LLC and AtlasInvest will work together to keep the plant going while re-financing options are explored.
Energy Minister Charles Hendry said: “This is excellent progress for Coryton refinery. It provides the business and its employees with a period of stability, keeps the facility operational and gives the administrators time to work on a long term solution for the site.”