Coryton oil refinery sold as import terminal (From Brentwood Weekly News)
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Coryton oil refinery sold as import terminal
5:56pm Tuesday 26th June 2012 in News
Coryton oil refinery sold as import terminal
CORYTON oil refinery has been sold as an import terminal.
The refinery, off The Manorway, Stanford-le-Hope, has been bought as a joint venture by Royal Vopak, Greenergy and Shell UK Ltd.
It will result in the redundancies of the majority of the 850 staff at the refinery.
All crude oil and refined products are now being removed from the site and the administrators, Pricewaterhousecoopers, are managing the safe closure of the refinery.
PWC partner Steven Pearson said it is “regretful” that there have been no credible offers to keep the business as a going concern.
He added: “Ultimately, the administrators have a legal responsibility to achieve the best price possible for the assets and we have been able to obtain the highest price by selling the site for an alternative use.
“We understand that the joint venture partners intend to develop the site in due course, which we hope will provide an important and stable source of supply of fuel for the foreseeable future.
“We recognise that the closure results in the redundancy of the majority of the employees at Coryton and we intend to work with the local agencies and authorities to provide assistance during this difficult time.”
Comments(11)
Steve H
says...
8:53pm Tue 26 Jun 12
shoeburyboy 100
says...
9:19pm Tue 26 Jun 12
albertrn
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9:34pm Tue 26 Jun 12
Shell tried to kill the Corringham/Stanford community when they shut Shell Haven. They've now finished the job.
SaveOurStanford
says...
9:34pm Tue 26 Jun 12
shoeburyboy 100 wrote:Its Where the Finished products are Shipped in from another country like france, belgium or nigeria and just stored at coryton like a storage area. Where as B4 they had the Raw Crude needed refining aka Cracking.
What is an import terminal.
lessex
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9:58pm Tue 26 Jun 12
SaveOurStanford
says...
10:06pm Tue 26 Jun 12
albertrn wrote:Disagree Coryton was the MOST complicated out of the lot But Never the most profitable Maybe profitable when Mobil, BP or VOC owned it 10, 30 50 years ago But since PP run this they have this has had more incidents than ever before. In my opinion it is the best option to have another tank farm since britain dont export much we just aswell import and consume what we can and let other countries in the Eu dominate us as they mostly allready do.
Yet more British manufacturing jobs go to the foreign market. Shipping finished refined product from abroad has a cost and it will be passed onto the long suffering British motorist. Shame on this government for not intervening and asking for aid that may have been available from the EEC to save this profitable refinery. For those of you unaware, This was the jewel in the Petroplus crown. Their other refineries in Europe were failing so the Owners borrowed scandalously large amounts of money and Coryton was the collateral, How ironic now that the foreign governments have stepped in to save those failing refineries. Shell tried to kill the Corringham/Stanford community when they shut Shell Haven. They've now finished the job.
albertrn
says...
10:21pm Tue 26 Jun 12
I agree P+ needed to improve safety but I know for a fact that despite poor margins, the refinery was sending millions of dollars per month clear profit to its Owners based in Switzerland. Don't forget that the biggest peacetime explosion in Europe was a few years ago at Buncefield Hemel Hempstead, a storage and terminal facility minimally manned as this terminal will be.
collert
says...
10:27pm Tue 26 Jun 12
SaveOurStanford wrote:"Disagree Coryton was the MOST complicated out of the lot But Never the most profitable"
albertrn wrote:Disagree Coryton was the MOST complicated out of the lot But Never the most profitable Maybe profitable when Mobil, BP or VOC owned it 10, 30 50 years ago But since PP run this they have this has had more incidents than ever before. In my opinion it is the best option to have another tank farm since britain dont export much we just aswell import and consume what we can and let other countries in the Eu dominate us as they mostly allready do.
Yet more British manufacturing jobs go to the foreign market. Shipping finished refined product from abroad has a cost and it will be passed onto the long suffering British motorist. Shame on this government for not intervening and asking for aid that may have been available from the EEC to save this profitable refinery. For those of you unaware, This was the jewel in the Petroplus crown. Their other refineries in Europe were failing so the Owners borrowed scandalously large amounts of money and Coryton was the collateral, How ironic now that the foreign governments have stepped in to save those failing refineries. Shell tried to kill the Corringham/Stanford community when they shut Shell Haven. They've now finished the job.
When you say complicated, I think you mean complex. Coryton has a Nelson's complexity rating of 12/14 which is the highest of the UK refineries. Coryton was THE ONLY UK refinery to show a profit in February.
It is also the incompetent Governments opinion to let it be turned into a terminal and let the British economy loose millions of pounds whilst letting Rotterdam and other countries we now have to import from thrive!
whataday
says...
9:22am Wed 27 Jun 12
Just look at prices of utilities
Cameron should hang his head in shame
The Cater Wood Creeper
says...
10:06am Wed 27 Jun 12
Cameron should hang his head in shame
the last four words in that sentence are superfluous
shoeburyboy 100 says...
8:23pm Tue 26 Jun 12