BP to sell Essex refinery

Manufacturing News, Source : TheManufacturer.com
Published : 28 Jun 2006 13:52

BP has announced that it will sell its Coryton Refinery in Essex, UK

The BP refinery currently processes 172,000 barrels of crude oil a day, and will be sold as a going concern.

The decision follows a review of the company’s European refining portfolio which concluded that maintaining a smaller network of advantaged refineries in Europe would provide greater benefit to the BP Group.

“We remain committed to our UK businesses and ensuring that we are able to fully maintain the supply of fuel products to them will be a key element of the sales agreement,” explains John Manzoni, chief executive of BP’s refining and marketing business. “In particular we will require the buyer to provide a long term supply agreement and continuing use of the adjacent distribution terminal. This will also allow us to support and further develop our bio and differentiated fuels strategies in the UK.”

BP is in the process of holding initial discussions with a number of potential buyers and will commence more detailed negotiations in the next couple of months.

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