Coryton Refinery Update: Heating oil users urged not to panic buy kerosene.

BoilerJuice.com would like assure our members that we have been in discussions with our participating heating oil suppliers in the south and south east of England.

The feedback we have received from the suppliers is that the supply issues at the Coryton refinery should not have an effect on heating oil supply in the short term.

With the media reporting that consumers could face the threat of petrol and diesel shortages, following the announcement that the parent group of the Coryton refinery went into administration, we feel it should be highlighted that the kerosene suppliers we contacted do not appear to be concerned about short term supply.

Our experienced suppliers in the south / south east have been aware of the potential issue with the Coryton refinery over the past few months and most already have measures in place to ensure that supply is not affected by creating partnerships via alternative distributors such as Prax Petroleum one of the largest independent oil importers and suppliers of automotive and industrial fuel in the United Kingdom.

On another note, a 7 day strike by bulk tanker drivers at the South Killingholme refinery which supplies around 340 filling stations (the majority are in the North and Midlands) have resulted in some heating oil suppliers having to make alternative arrangements to ensure they have sufficient supplies of heating oil.

Coryton Refinery Update: 26/01/2012 @ 11:00

Coryton refinery shipments start as deal signed – Fears of petrol and diesel shortages have been relaxed after the announcment that shipments were to resume at the Coryton oil refinery in Essex.

Press Release: Petroplus announces administration orders in the UK

Zug, Switzerland, January 24, 2012 – Petroplus Holdings AG (SIX: PPHN) today announced that its subsidiaries in the United Kingdom, Petroplus Refining & Marketing Ltd. (“PRML”), which owns the Coryton refinery, and Petroplus Refining Teesside Ltd., which owns the Teesside Marketing & Storage facility, applied for and were granted administration orders. As a result of the administration order with respect to PRML, the $1.6 billion aggregate principal amount of outstanding senior notes of Petroplus Finance Ltd. have accelerated. The Court today appointed PricewaterhouseCoopers as administrator for the assets of the above companies.

UPDATE: 25/01/2012 @ 22:35

Petroplus Provides Update Regarding Proceedings

ZUG, Switzerland–(BUSINESS WIRE)–Jan. 25, 2012–

Regulatory News:

Petroplus Holdings AG (SIX: PPHN) today announced that it and its subsidiary in Switzerland, Petroplus Marketing AG, filed for composition proceedings (“Nachlassstundung”).

Petroplus also announced that its subsidiaries in Germany, Marimpex Mineralöl-Handelsgesellschaft mbH, Petroplus Deutschland GmbH, Petroplus Bayern GmbH, Petroplus Tankstorage Holding Deutschland GmbH and Petroplus Raffinerie Ingolstadt GmbH, which owns the Ingolstadt refinery, filed for insolvency proceedings. The Court today appointed Jaffé Rechtsanwälte Insolvenzverwalter as administrator for the assets of the above companies.

Petroplus further announced that its subsidiaries in France, Petroplus Holdings France SAS, Petroplus Marketing France SAS, Petroplus Raffinage Reichstett SAS and Petroplus Raffinage Petit-Couronne SAS, which owns the Petit Couronne refinery, filed for rehabilitation proceedings (“redressement judiciaire”). The Court today appointed FHB Administrateurs Judiciaires as administrator for the assets of some of the above companies.

Petroplus Holdings AG will provide further updates to the public as needed and further information regarding the proceedings will be provided on the Investor Relations section of our website at http://investors.petroplusholdings.com.

Source: Petroplus Holdings AG

Petroplus Holdings AG
Fredrik Olsson; +41 (0) 58 580 1244

Press Release: Petroplus announces acceleration of revolving credit…

Zug, Switzerland, January 24, 2012 – Petroplus Holdings AG (SIX: PPHN) today announced that it and its subsidiaries received notices of acceleration yesterday from the lenders under its Revolving Credit Facility. During the past several weeks, Petroplus has been negotiating with these lenders to reopen credit lines needed to maintain operations and meet financial obligations. In addition, the Company has been seeking to arrange alternative financing and liquidity facilities, as well as other strategic options.

The negotiations with the lenders under the Revolving Credit Facility have not been successful (despite the Company having reached an agreement for crude oil supply) and they have served notices of acceleration, commenced enforcement actions and appointed a receiver in respect of Petroplus Marketing AG’s assets in the UK. Such acceleration constitutes an event of default under the $1.75 billion aggregate principal amount of outstanding senior notes and convertible bonds of Petroplus Finance Limited. The primary goal of Petroplus’ Board of Directors is to ensure that operations are safely shut down and to preserve value for all stakeholders. The Board of Directors has resolved to prepare for a filing for insolvency or composition proceedings (“Nachlassstundung”) in Switzerland and will make the necessary filings as soon as possible. Similar steps are being taken by Petroplus subsidiaries in various jurisdictions. The filing of insolvency proceedings by any entity that is a guarantor of the senior notes, including Petroplus Holdings AG, Petroplus Refining and Marketing Ltd. and Petroplus Holdings France SAS, will result in an automatic acceleration of the senior notes.

Jean-Paul Vettier, Petroplus’ Chief Executive Officer, said, “It is unfortunate to have reached the point where the Executive Committee and Board of Directors have to inform our employees, shareholders, bondholders and other stakeholders about these circumstances. We have worked hard to avoid this outcome, but were ultimately not able to come to an agreement with our lenders to resolve these issues given the very tight and difficult European credit and refining markets. We are fully aware of the impact that this will have on our workforce, their families and the communities where we have operated our businesses.”

Further information will be communicated in due course.

Contact information:
Petroplus Holdings AG
Fredrik Olsson; +41 (0) 58 580 1244