Oil supplies to Coryton refinery in Essex have been given a welcome boost as administrators acquire another shipment of crude to replenish stocks refined over the past 11 days.
Steven Pearson, joint administrator and Price Waterhouse Cooper partner, said: “This purchase means we are able to continue refining operations whilst we seek to conclude discussions and negotiations with parties looking to continue refining at Coryton in the immediate term.
Options being explored to keep the refinery operating include a possible tolling arrangement under which a third party will supply oil to the refinery, said Pearson. “If this arrangement is concluded, this will stabilise the company in the immediate term and allow us to try and find a long term solution.
“There is still some way to go to conclude current negotiations, but our decision to acquire further crude demonstrates our commitment to everyone involved in the refinery.
“We continue to be grateful for the way in which all the stakeholders have supported our efforts, particularly the support of the employees, contractors and the union.”