Petroplus job fears growing
PETROPLUS today confirmed plans to close its refining operation at Teesside and turn the plant into a terminal and storage facility.
Such a move is likely to result in substantial job losses at the site, which employs more than 100 staff. The company has a marketing office in Teesdale.
Announcing the Swiss firm’s third quarter results, the company revealed an estimated net loss of $160m for the three months to September 30 and a $110m net loss over the first nine months of the year, compared to a net income of $258.3m for the nine months to September 30, 2008.
CEO Jean-Paul Vettier said: “Given the current unfavourable market environment and the capital expenditures required to maintain refinery operations at Teesside, we have decided to suspend refinery operations. The site will continue to operate as a terminal and storage facility.”
The company had previously said that unless a buyer was found before the end of the summer, it would close the plant or downgrade it to a storage terminal. Processing ceased at the site in April, since when, it is understood that Petroplus has received a number of expressions of interest in the site.
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