Coryton given lifeline by KKR and Morgan Stanley
CORYTON refinery will continue to operate for at least three more months after Marcel Van Poecke, a co-founder of insolvent owner Petroplus, teamed up with Morgan Stanley and investor KKR to provide fresh crude supplies.
Coryton, in Essex, is the most coveted asset of the five refineries owned by Petroplus around Europe, traders and analysts say. It has been running at half capacity since banks stopped financing Petroplus in late December.
PwC, the company’s UK administrator, said yesterday it had signed a deal with Van Poecke’s investment vehicle, AtlastInvest, Morgan Stanley Capital Group Inc and private equity investor KKR Asset Management LLC for temporary relief.
The group will provide crude to the plant, pay a fee for its refining services and retain ownership of the refined products, a PwC spokeswoman said. Coryton’s closure would mean the loss of around 1,000 jobs.