Supply fears as refinery goes bust

Petrol supplies to London and the South East may be affected after the company which owns one of the UK's largest oil refineries admitted it was filing for insolvency.

The Coryton refinery in Essex, owned by Swiss firm Petroplus, admitted that talks with banks to raise more finance had broken down.

Sales were suspended on Monday and the company told the 1,000 strong workforce they were unsure when supplies would be re-established, according to a report in the Financial Times.

The refinery has a total capacity of 175,000 barrels of crude oil per day and was previously owned by BP.

Jean-Paul Vettier, chief executive at Petroplus, said the firm was aware of the impact this would have on workers, their families and communities.

Talks are currently underway between members of the European Parliament to find ways of minimising potential job losses, which could affect France, Germany, Belgium and Switzerland as well as the UK.

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