ADMINISTRATORS of collapsed oil giant Petroplus have sold the Swiss company’s assets in the North East.

Greenergy Terminals has bought the storage terminal for crude oil and other hydrocarbons that Petroplus ran on Teesside after a deal brokered by joint administrators Steven Pearson and Ian Green of PwC.

Greenergy also recently bought the former Petroplus Coryton refinery in Essex in a joint venture with Vopak and Shell.

Pearson said: “This has been a very challenging administration due to the complex nature of the site and the number of stakeholders involved.

“We are pleased to have been able to secure a sale of the vast majority of the Company’s assets to Greenergy, and in doing so preserving key infrastructure assets in the North East of England.

“All parties involved have worked extremely hard to achieve this outcome and I would personally like to thank the employees, advisors and relevant authorities who have gone the extra mile to help achieve this outcome.”

For more on this story, see tomorrow's Journal.