BP announced today that it has agreed to sell its Coryton Refinery in Essex to Petroplus Holdings, a Switzerland-based independent refiner and wholesaler of petroleum products.
The sale price of $1.4bn, 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.
John Manzoni, chief executive of BP's refining and marketing business, said: ‘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.
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