Petroplus
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{{Confusing|reason=This article talks about two refineries in Antwerp (all information unsourced); however, the company website lists only one refinery in Antwerp. At the same time, news agencies have reported that Antwerp refinery was bought by Gunvor, so the article is also outdated.|date=March 2012}}
{{Update|date=March 2012}}
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{{Infobox company
| name = Petroplus AG
| logo = Petroplus Oil Stoarge Depot - geograph.org.uk - 1240376.jpg
| type = Public
| traded_as = {{SWX|PPHN}}
| founded = 1993
| defunct = 2012
| location = Zug, Switzerland
| key_people = Thomas D. O'Malley, CEO
Karyn F. Ovelmen, CFO
| industry = Oil and gas
| products = Petroleum
Natural gas
Motor fuels
Aviation fuels
| services = Service stations
| revenue = {{profit}} {{USD|20 billion}} (2010)
| net_income =
| homepage = {{usurped|1=[https://web.archive.org/web/20120510151242/http://www.petroplusholdings.com/en petroplusholdings.com]}} (defunct)
| num_employees = 1,750
}}
Petroplus Holdings AG was Europe's largest independent oil refiner by capacity.[https://web.archive.org/web/20120127063145/http://www.businessweek.com/news/2012-01-04/heating-oil-gains-on-speculation-europe-diesel-imports-to-rise.html "Heating Oil Gains on Speculation Europe Diesel Imports to Rise"], Bloomberg Businessweek, Jan. 4, 2012 When it 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.{{cite news |last1=Espana |first1=Zaida |last2=Falush |first2=Simon |last3=Kurahone |first3=Ikuko |title=Petroplus: rapid rise and fall of a refiner |url=https://www.reuters.com/article/markets/commodities/petroplus-rapid-rise-and-fall-of-a-refiner-idUSL6E8F2658/ |access-date=9 October 2024 |publisher=Reuters |date=4 April 2012}}
Acquisitions
In 1997, it acquired the Antwerp N.V. Refinery from the Daewoo Group.
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.
In May 2006, it bought the BRC Antwerp Refinery for $511m from Sovereign Holding Ltd (Bermuda).
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.
In April 2008, it bought the Petit Couronne Refinery and Reichstett Refinery, located in France from Shell for $785m.{{Cite web |last=Bart |first=Katharina |date=August 2, 2007 |title=Petroplus to buy 2 French refineries from Shell |url=https://www.marketwatch.com/story/petroplus-to-buy-2-french-refineries-from-shell |website=MarketWatch}}
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.{{cite news | url=https://www.bbc.co.uk/news/business-16432728 | title=Swiss oil refiner Petroplus sees credit lines blocked | publisher=BBC | date=2012-01-05}} On 24 January 2012, Petroplus announced that they were filing for insolvency after it defaulted on $1.75bn of senior notes and convertible bonds.{{cite news | url=http://www.ft.com/intl/cms/s/0/8ecc96a4-4668-11e1-89a8-00144feabdc0.html#axzz1kNidRFok | title=Petroplus set to file for insolvency | publisher=FT | date=2012-01-24}}{{Cite news|url=https://www.wsj.com/articles/SB10001424052970203718504577180214252236568|title=Petroplus to File for Insolvency|last=Landauro|first=Konstantin Rozhnov And Inti|work=WSJ|access-date=2017-11-29|language=en-US}}
Former refineries
- Antwerp N.V. Refinery (Belgium) sold to VTTI and renamed Antwerp Terminal & Processing Company (ATPC){{Cite web |last=McNair |first=Ros |date=2010-01-12 |title=Vitol completes acquisition of Antwerp refining facilities from Petroplus |url=https://www.vitol.com/vitol-completes-acquisition-of-antwerp-refining-facilities-from-petroplus/ |access-date=2024-09-02 |website=Vitol.com |language=en-US}}
- BRC Antwerp Refinery (Belgium) sold to Gunvor Group{{Cite web |title=Gunvor Group bids successfully to purchase Petroplus’s Antwerp refinery |url=https://www.euro-petrole.com/gunvor-group-bids-successfully-to-purchase-petroplus-s-antwerp-refinery-n-i-6059 |access-date=2024-09-02 |website=www.euro-petrole.com}}
- Coryton Refinery (UK) closed{{Cite news |last=Milmo |first=Dan |last2= |first2= |date=2012-05-28 |title=Coryton oil refinery set to close |url=https://www.theguardian.com/business/2012/may/28/coryton-oil-refinery-close-500-jobs |access-date=2024-09-02 |work=The Guardian |language=en-GB |issn=0261-3077}}
- Cressier Refinery (Switzerland) sold to Varo Energy{{Cite web |title=Varo Energy Holding S.A. completes purchase of the assets of Petroplus Refining Cressier S.A. |url=https://www.euro-petrole.com/varo-energy-holding-s-a-completes-purchase-of-the-assets-of-petroplus-refining-cressier-s-a-n-i-6400 |access-date=2024-09-02 |website=www.euro-petrole.com}}
- Ingolstadt Refinery (Germany) sold to Gunvor Group{{Cite web |last=Koottungal |first=Leena |date=2012-05-31 |title=Gunvor Group to acquire Ingolstadt refinery |url=https://www.ogj.com/refining-processing/refining/operations/article/17274952/gunvor-group-to-acquire-ingolstadt-refinery |access-date=2024-09-02 |website=Oil & Gas Journal |language=en}}
- Petit Couronne Refinery (France) closed{{Cite web |last=Patel |first=Tara |date=April 16, 2013 |title=France’s Petit-Couronne Refinery to Shut After Bids Rejected |url=https://www.bloomberg.com/news/articles/2013-04-16/french-court-rejects-all-offers-for-petit-couronne-refinery |access-date=2024-09-02 |website=Bloomberg}}
- Reichstett Refinery (France) closed{{Cite web |date=2010-10-21 |title=Petroplus plans to close Reichstett refinery |url=https://www.ogj.com/refining-processing/refining/article/17284232/petroplus-plans-to-close-reichstett-refinery |access-date=2024-09-02 |website=Oil & Gas Journal |language=en}}
- Teesside Refinery (UK) closed{{Cite web |title=Teesside refinery to suspend operations {{!}} Process Engineering |url=https://processengineering.co.uk/article/1313874/teesside-refinery-to |access-date=2024-09-02 |website=processengineering.co.uk}}
References
{{Reflist}}
External links
- {{Official website|http://www.petroplusholdings.com}}
- [https://web.archive.org/web/20110608072302/https://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7028134 BP sells the Coryton Refinery]
- [https://archive.today/20070225021934/http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article1398137.ece February 2007 Times article]
- [https://finance.yahoo.com/quote/PPHN.SW/ Petroplus at Yahoo! Finance]
- {{usurped|1=[https://web.archive.org/web/20070719135448/http://investors.petroplusholdings.com/phoenix.zhtml?c=157968&p=irol-news&nyo=0 Petroplus - Press Releases]}}
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