Forecourt Trader - 30 years at the heart of the fuel retailing community
Coryton crude supplies secure for three months
Published:  01 March, 2012

The administrators of Petroplus' Coryton refinery in Essex signed a 'tolling agreement' on February 15, securing crude oil supplies for three months.

The tolling agreement involving a collaboration of Morgan Stanley Capital Group Inc (MSCGI), KKR Asset Management, LLC, and AtlasInvest allows the refinery to continue to operate as usual while the administrators negotiate with potential purchasers. Options being explored include a sale of the business and re-financing.

Steven Pearson, joint administrator and partner at Price Waterhouse Cooper (PwC), said: "I am delighted to have reached this arrangement. It is the culmination of constructive negotiations over many days and it creates vital stability at the refinery while we find a restructuring solution. We now look forward to working with MSCGI, KKR and Atlas over the coming weeks and months to jointly ensure all long-term options are examined.

"I would also like to personally thank the customers, suppliers, employees, union, subcontractors, management and the PwC and legal teams for their constructive approach in allowing us to reach this agreement," added Pearson.




My Account

You are not logged in.
  • Weekly
    Retail
  • Weekly
    wholesale
  • Daily
    Average
Weekly retail fuel prices: 18 November 2019
RegionDieselLPGSuper ULUL
East131.0157.70138.30126.81
East Midlands130.59139.47126.61
London131.00140.06127.56
North East129.23139.06125.25
North West129.8364.92138.07126.36
Northern Ireland127.82133.40124.44
Scotland130.4852.70137.39126.25
South East131.4769.90139.42127.48
South West130.5064.90136.17126.41
Wales129.68135.94125.44
West Midlands130.33140.40126.46
Yorkshire & Humber129.8099.90138.58126.25

Most read

Following a deal agreed with Harvest Energy, do you think it will be good to see the Total brand returning to UK forecourts?

Digital Edition