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Coryton oil refinery sold as import terminal
5:56pm Tuesday 26th June 2012 in News
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.”