An oil refinery which went bust is to close after
administrators failed to find a buyer or the cash needed to keep it going,
putting around 850 jobs at risk.
The Coryton plant in Essex, which supplies 20% of fuel in
London and the South East, was plunged into administration earlier this year by
its Swiss owner Petroplus.
Administrators PwC said the site would be wound down over
the next three months after the challenge of raising the £625 million needed to
fund the refinery proved too much.
There are likely to be a "substantial" number
of redundancies among the 500 workforce, PwC said, while around 350 contractors
will learn their fate in the next few days.
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