Major U.K. refinery to shut down

One of the largest oil refineries in all of the U.K., Petroplus' Coryton refinery on the Thames estuary near London, could be forced to shut down in coming days after the plant's operators failed to secure any new source of funding, according to MarketWatch.

Global consultancy PricewaterhouseCoopers has been acting as administrator overseeing a financing project that arranged for normal operation through May. However, PwC proved unable to find a long-term buyer for the plant, raising the possibility that the oil refining plant could be shut down.

"It hasn't yet been possible to find a solution which sees the refinery continue as a going concern," PwC said in a statement. Stevan Pearson, an administrator at the firm, added that, "Realistically there’s a relatively low prospect of securing a sale," even with talks still ongoing.

The Coryton oil refinery processed 220,000 barrels per day, accounting for around 20 percent of London's fuel and employing more than 800 people between full-time and contract labor, according to The Financial Times. Government officials have insisted, however, that any closure would not impact fuel availability.

European oil refining is detailed at PennEnergy's Research area.

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