PWC exploring possible tolling arrangement, under which a third party would supply oil to the refinery.

The joint administrators of Petroplus’s UK subsidiary announced on Sunday that they have successfully acquired further oil to be refined at Coryton.



Steven Pearson, joint administrator and PwC partner, said: “An oil tanker is now heading towards Coryton and will replenish crude stocks refined over the last 11 days. 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. 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.”

Administrators Pearson and Stephen Oldfield, also a partner with PwC, were appointed on January 24 and have arranged for refining operations to continue at the plant since their appointment.



Pearson added: “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.”