Feb 2 2007
BP announced today that it has agreed to sell, subject to required regulatory approvals, its Coryton Refinery in Essex, UK, to Petroplus Holdings AG, a leading independent refiner and wholesaler of petroleum products headquartered in Zug, Switzerland.
The sale price of $1.4 billion - plus hydrocarbons to be valued at closing - includes the adjacent bulk terminal and BP's UK bitumen business which is closely integrated with the refinery. BP and Petroplus have also entered into a long term supply agreement which will provide BP's UK based retail and other businesses with the products they require.
"BP is very much committed to the UK and does not need to own a refinery in the UK to offer its UK customers the best in fuel products," said John Manzoni, chief executive of BP's refining and marketing business.
"The sale will enable us to concentrate on continually improving our remaining European refineries so that they remain top class assets."
Following completion of the sale, which is expected mid 2007, the staff at the refinery will transfer to Petroplus but BP will continue to operate its own UK logistics and supply infrastructure.