Petroplus

Petroplus Holdings AG was Europe's largest independent oil refiner by capacity.[1] When the now defunct company was first formed in 1993, it was known as Petroplus International N.V., and was based in the Netherlands. In August 1998, it was listed on the Amsterdam Stock Exchange. In April 2005, it was delisted from the Euronext Amsterdam stock exchange when the company was acquired by a holding company. In November 2006, the company went public on the Swiss Stock Exchange.

Petroplus AG
TypePublic
SIX: PPHN
IndustryOil and gas
Founded1993
Defunct2012
HeadquartersZug, Switzerland
Key people
Thomas D. O'Malley, CEO
Karyn F. Ovelmen, CFO
ProductsPetroleum
Natural gas
Motor fuels
Aviation fuels
ServicesService stations
Revenue US$20 billion (2010)
Number of employees
1,750
Websitewww.petroplusholdings.com

Acquisitions
1997

In 1997, it acquired the Antwerp N.V. Refinery from the Daewoo Group.

2000

In May 2000, it bought the Cressier Refinery, in Cressier, Switzerland from Shell Switzerland. In December 2000, it bought the Teesside Refinery in Port Clarence from Phillips Petroleum Company.

2006

In May 2006, it bought the BRC Antwerp Refinery for $511m from Sovereign Holding Ltd (Bermuda).

2007

In March 2007, it bought the Ingolstadt Refinery from ExxonMobil for $425m. In June 2007, it bought the Coryton Refinery near London from BP for $1.4bn.

2008

In April 2008, it bought the Petit Couronne Refinery and Reichstett Refinery, located in France from Shell for $785m.

Financial problems

In December 2011 a $1bn credit line to the company was frozen by its bank lenders. The company was planning to shut down some refineries if negotiations to restore the credit failed. The chief executive said they would do all they could to avoid bankruptcy. [2] On 24 January 2012, Petroplus announced that they were filing for insolvency after it defaulted on $1.75 billion of senior notes and convertible bonds. [3][4]

Former Refineries
  • Antwerp N.V. Refinery (Belgium) sold to VTTI
  • BRC Antwerp Refinery (Belgium) sold to Gunvor
  • Coryton Refinery (UK) closed
  • Cressier Refinery (Switzerland) sold to Varo Energy
  • Ingolstadt Refinery (Germany) sold to Gunvor
  • Petit Couronne Refinery (France) closed
  • Reichstett Refinery (France) closed
  • Teesside Refinery (UK) closed

References
  1. "Heating Oil Gains on Speculation Europe Diesel Imports to Rise", Bloomberg Businessweek, Jan. 4, 2012
  2. "Swiss oil refiner Petroplus sees credit lines blocked". BBC. 2012-01-05.
  3. "Petroplus set to file for insolvency". FT. 2012-01-24.
  4. Landauro, Konstantin Rozhnov And Inti. "Petroplus to File for Insolvency". WSJ. Retrieved 2017-11-29.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.