ADMINISTRATORS say they are working to secure the future of Teesside’s Petroplus site.

Yesterday the Swiss-based firm said talks with its lenders had broken down and it was filing for insolvency.

Professional services firm PwC has been appointed administrator of Petroplus Refining Teesside Limited which operates the North Tees oil storage site and a research and development site in Swansea - employing around 60.

PwC has also been appointed administrator for Petroplus Refining and Marketing Limited, which owns and operates the 586 acre Coryton oil refinery in Essex.

Steven Pearson, joint administrator and PwC partner, said: “Our immediate priority is to continue to operate the Coryton refinery and the Teesside storage business, without disruption while the financial position is clarified and restructuring options are explored. Over coming days we intend to commence discussions with a number of parties including customers, employees, the creditors and the Government to secure the future of the Coryton and Teesside sites.”

Stockton North MP Alex Cunningham said: “It is essential that everyone works together to find a buyer and secure the long term future of the business and its 60 employees.”