Petroplus to Commence Conversion of the Reichstett Refinery to a Terminal
04.04.2011 - NEWS

March 31, 2011 [Business Wire] - Petroplus Holdings AG announced the conclusion of the formal information and consultation process with the Reichstett Refinery Works Council to propose terms to cease refining operations and convert the site to a terminal. 


Following the end of this process, the Company has decided to discontinue refining operations and convert the site to a terminal. Petroplus has agreed with the Works Council to put a job protection plan in place to mitigate the effects of this decision through measures such as offering alternative job opportunities within the Company, assistance in finding new employment, early retirements, and severance packages.

Jean-Paul Vettier, Petroplus’ Chief Executive Officer, said, “The process leading up to the decision to convert the Reichstett refinery has been a difficult one, as I am conscious that it impacts our employees, their families, and the local communities. We have worked hard to find another solution for the site but were unfortunately unable to find a feasible alternative. We have agreed with the Works Council to put a high quality job protection plan in place.”

Petroplus expects to stop processing crude oil at the refinery in April and will sell product inventories to satisfy contractual commitments to our customers or in the spot markets. A safe and orderly shutdown of the refinery will commence when the crude oil inventories have been liquidated. Petroplus will seek to sell the terminal after the shutdown. The Company will provide further details regarding the process and updated financial and operational guidance at the time of the Q1 2011 earnings release.

Petroplus Holdings AG is the largest independent refiner and wholesaler of petroleum products in Europe. Petroplus focuses on refining and currently owns and operates six refineries across Europe: the Coryton Refinery on the Thames Estuary in the United Kingdom; the Antwerp Refinery in Antwerp, Belgium; the Petit Couronne Refinery in Petit Couronne, France; the Ingolstadt Refinery in Ingolstadt, Germany; the Reichstett Refinery near Strasbourg, France; and the Cressier Refinery in the canton of Neuchâtel, Switzerland. The refineries have a combined throughput capacity of approximately 752,000 barrels per day.

 

10-year Treasury yield hovers close to highest level since April as investors await key jobs data
01.10.2025 - NEWS
U.S. Treasury yields hovered close to its highest level since April on Friday, as investo... Read More
Union dockworkers, port employers announce tentative deal at East Coast and Gulf ports
01.09.2025 - NEWS
State of Freight The tentative agreement is on all items for a new six-year mas... Read More
China's property market is expected to stabilize in 2025 — but stay subdued for years
10.30.2024 - NEWS
China’s struggling real estate sector may not start turning around until the sec... Read More
Harris will offer an alternative to Trump-era politics in closing argument speech
10.29.2024 - NEWS
1234534234 Democratic presidential nominee U.S. Vice President Kamala Harris walks to bo... Read More