MOSCOW/LONDON, June 15 (Reuters) – A former Russian energy
minister has emerged as sole bidder for a bankrupt British oil
refinery, and controversy over his past deals with distressed
assets may be overlooked in last-ditch efforts to rescue the
plant and up to 900 jobs.
Igor Yusufov remains interested in buying the Coryton
refinery in Essex, say people close to both sides of the talks.
The plant, a unit of bankrupt Swiss oil firm Petroplus, has run
out of oil and its workers will be laid off if no deal can be
LONDON, June 14 (Reuters) – Workers fighting to save their
jobs at the bankrupt Coryton refinery in Britain took their
fight to Prime Minister David Cameron on Thursday, marching to a
court where he was giving evidence and chanting “we got sold
Angered over what they say are plans involving Royal Dutch
Shell to turn the refinery into a storage terminal,
which would put most of the 900 employees and contractors out of
a job – demonstrators shouted: “Shell, Shell, go to hell!”
LONDON (Reuters) – Brent crude oil held firm on Wednesday, with investors awaiting the outcome of the meeting this week of the producer group OPEC, while gains were capped by worries about Europe’s debt crisis and prospects for oil demand.
Iran’s oil exports have fallen by an estimated 40 percent since the start of the year as Western sanctions tear into the country’s vital oil industry, the International Energy Agency said on Wednesday.
PURFLEET, England, June 11 (Reuters) – Workers from
Britain’s Coryton oil refinery on Monday disrupted the supply of
fuel heading to some petrol stations in the southeast of the
country to protest against the plant’s closure and demand the
government intervene to save 900 jobs.
The protests are unlikely to lead to widespread fuel
shortages across Britain, which has seven other functioning
refineries, but they are an unwelcome distraction for the
government less than two months before the start of the Olympic
Games in London.
LONDON (Reuters) – The UK’s financially strapped Coryton refinery will run out of crude oil and start shutting down in phases beginning by the middle of next week, its joint administrator said on Thursday.
The prospects of finding a buyer for Coryton look increasingly remote, said joint administrator Steven Pearson, of PricewaterhouseCoopers. The refinery was one of several owned by Petroplus, Europe’s largest independent refiner before it declared insolvency.
LONDON (Reuters) – Brent crude oil fell on Wednesday, as fears intensified about the future of Spain’s banks, while China signalled it was not planning a large stimulus package, dimming demand prospects.
Oil recovered some losses after the European Commission called for sweeping reforms to restore investor confidence.
LONDON, May 30 (Reuters) – Brent crude oil fell below $106
per barrel on Wednesday as fears intensified about the future of
Spain’s banks, while China signalled it was not planning a large
stimulus package, dimming demand prospects.
Spain will soon issue new bonds to fund its ailing banks and
indebted regions even while its borrowing costs neared the
unsustainable 7 percent level, which forced other euro zone
countries to seek international aid.
LONDON, May 28 (Reuters) – Insolvent Swiss refiner
Petroplus’ Coryton refinery in the UK is likely to
close after its administrator PricewaterhouseCoopers (PwC) said
on Monday it had failed to find a buyer that could pay $1
billion for the site.
Petroplus, once Europe’s largest independent refiner, filed
for insolvency in December after it could not meet its debt
LONDON, May 25 (Reuters) – Brent crude oil gained on Friday,
supported by a lack of progress in nuclear negotiations with
Iran, returning to fears over supply if tension over the issue
Brent crude rose 57 cents to $107.12 a barrel by
0909 GMT. U.S. crude added 51 cents to $91.17.
LONDON, May 23 (Reuters) – Oil fell on Wednesday on growing
hopes of a deal between Iran and the U.N. nuclear watchdog,
which eased fears of oil supply disruption, while concerns over
the debt crisis in the euro zone and a slowing Chinese economy
weighed on demand.
The U.N.’s International Atomic Energy Agency expects to
sign a deal with Iran soon to unblock investigations into
suspected work on nuclear bombs in the oil-producing country.