Petroplus

Petroplus AG
Public
Traded as SIX: PPHN
Industry Oil and gas
Headquarters Zug, Switzerland
Key people
 Thomas D. O'Malley, CEO
Karyn F. Ovelmen, CFO
Products Petroleum
Natural gas
Motor fuels
Aviation fuels
Services Service stations
Revenue Increase US$20 billion (2010)
Number of employees
 1,750
Website www.petroplusholdings.com

Petroplus Holdings AG was Europe's largest independent oil refiner by capacity.[1] When, the now defunct company, was first formed in 1993 it was known as Petroplus International N.V. being 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.

Acquisitions

1997

In 1997, it acquired the Antwerp N.V. Refinery from the Daewoo Group.

2000

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.

2006

In May 2006, it bought the BRC Antwerp Refinery for $511m from Sovereign Holding Ltd (Bermuda).

2007

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.

2008

In April 2008, it bought the Petit Couronne Refinery and Reichstett Refinery, located in France from Shell for $785m.

Financial problems

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. [2] On the 24th of January 2012, Petroplus announced that they are filing for insolvency after it defaulted on $1.75 billion of senior notes and convertible bonds. [3]

Former Refineries


References

  1. ↑ "Heating Oil Gains on Speculation Europe Diesel Imports to Rise", Bloomberg Businessweek, Jan. 4, 2012
  2. ↑ "Swiss oil refiner Petroplus sees credit lines blocked". BBC. 2012-01-05.
  3. ↑ "Petroplus set to file for insolvency". FT. 2012-01-24.
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