The Coryton crude oil refinery in Essex, UK, will close within three months unless its owner finds a buyer.
Petroplus, which went into administration at the beginning of this year, has been unable to find a buyer so far and as a result the nation’s largest independent oil refinery is due to stop processing crude oil from next week.
However, discussions with potential buyers will continue for the duration of the three-month period prior to closure.
Petroplus and PwC say they have made contact with over 100 potential investors and buyers and blame the challenging financial market for their inability to secure a deal to date.
The closure could leave up to 500 of the refinery’s staff and 350 contractors without work.
The Department of Energy and Climate Change, which says the closure suggests overcapacity in Europe’s refining sector, has reassured motorists that the availability of fuel will remain unchanged following Petroplus’ decision.