This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these template messages) This article may be confusing or unclear to readers. In particular, 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 At the same time, news agencies have reported that Antwerp refinery was bought by Gunvor, so the article is also outdated.. Please help clarify the article. There might be a discussion about this on the talk page. (March 2012) (Learn how and when to remove this message) This article needs to be updated. Please help update this article to reflect recent events or newly available information. (March 2012) This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.Find sources: "Petroplus" – news · newspapers · books · scholar · JSTOR (March 2012) (Learn how and when to remove this message) (Learn how and when to remove this message)
Petroplus AG
Company typePublic
SIX: PPHN
IndustryOil and gas
Founded1993
Defunct2012
HeadquartersZug, Switzerland
Key people
Thomas D. O'Malley, CEO
Karyn F. Ovelmen, CFO
ProductsPetroleum
Natural gas
Motor fuels
Aviation fuels
ServicesService stations
RevenueIncrease US$20 billion (2010)
Number of employees
1,750
Websitewww.petroplusholdings.com

Petroplus Holdings AG was Europe's largest independent oil refiner by capacity.[1] When the now defunct company 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.

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.

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.[2] On 24 January 2012, Petroplus announced that they were filing for insolvency after it defaulted on $1.75 billion of senior notes and convertible bonds.[3][4]

Former refineries

References

  1. ^ "Heating Oil Gains on Speculation Europe Diesel Imports to Rise", Bloomberg Businessweek, Jan. 4, 2012
  2. ^ "Swiss oil refiner Petroplus sees credit lines blocked". BBC. 2012-01-05.
  3. ^ "Petroplus set to file for insolvency". FT. 2012-01-24.
  4. ^ Landauro, Konstantin Rozhnov And Inti. "Petroplus to File for Insolvency". WSJ. Retrieved 2017-11-29.

External links

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