Petroplus

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
Websitepetroplusholdings.com (defunct)

Petroplus Holdings AG was Europe's largest independent oil refiner by capacity.[1] When it 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.[2]

Acquisitions

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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.[3]

Financial problems

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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.[4] On 24 January 2012, Petroplus announced that they were filing for insolvency after it defaulted on $1.75bn of senior notes and convertible bonds.[5][6]

Former refineries

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References

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  1. ^ "Heating Oil Gains on Speculation Europe Diesel Imports to Rise", Bloomberg Businessweek, Jan. 4, 2012
  2. ^ Espana, Zaida; Falush, Simon; Kurahone, Ikuko (4 April 2012). "Petroplus: rapid rise and fall of a refiner". Reuters. Retrieved 9 October 2024.
  3. ^ Bart, Katharina (August 2, 2007). "Petroplus to buy 2 French refineries from Shell". MarketWatch.
  4. ^ "Swiss oil refiner Petroplus sees credit lines blocked". BBC. 2012-01-05.
  5. ^ "Petroplus set to file for insolvency". FT. 2012-01-24.
  6. ^ Landauro, Konstantin Rozhnov And Inti. "Petroplus to File for Insolvency". WSJ. Retrieved 2017-11-29.
  7. ^ McNair, Ros (2010-01-12). "Vitol completes acquisition of Antwerp refining facilities from Petroplus". Vitol.com. Retrieved 2024-09-02.
  8. ^ "Gunvor Group bids successfully to purchase Petroplus's Antwerp refinery". www.euro-petrole.com. Retrieved 2024-09-02.
  9. ^ Milmo, Dan (2012-05-28). "Coryton oil refinery set to close". The Guardian. ISSN 0261-3077. Retrieved 2024-09-02.
  10. ^ "Varo Energy Holding S.A. completes purchase of the assets of Petroplus Refining Cressier S.A." www.euro-petrole.com. Retrieved 2024-09-02.
  11. ^ Koottungal, Leena (2012-05-31). "Gunvor Group to acquire Ingolstadt refinery". Oil & Gas Journal. Retrieved 2024-09-02.
  12. ^ Patel, Tara (April 16, 2013). "France's Petit-Couronne Refinery to Shut After Bids Rejected". Bloomberg. Retrieved 2024-09-02.
  13. ^ "Petroplus plans to close Reichstett refinery". Oil & Gas Journal. 2010-10-21. Retrieved 2024-09-02.
  14. ^ "Teesside refinery to suspend operations | Process Engineering". processengineering.co.uk. Retrieved 2024-09-02.
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