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Petroplus credit lines frozen by banks

AFP · 5 Jan 2012, 15:56

Published: 05 Jan 2012 15:56 GMT+01:00

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Embattled oil refiner Petroplus said on Thursday that lenders had frozen access to its remaining credit lines in a further blow to the firm in the process of shutting down three of its refineries.

"Access to all credit lines under the Revolving Credit Facility have been suspended," pending the outcome of ongoing talks with lenders, the Swiss firm said in a statement.

Petroplus, Europe's largest independent oil refiner, recently announced it was to enforce a temporary halt at three of its refineries after financiers froze an initial $1 billion credit facility.

The Petit Couronne site in northern France is in the process of being shut down, Petroplus said.

The process will shortly begin at the Antwerp refinery in Belgium and Cressier in the Swiss canton of Neuchatel is expected to run down its crude oil stocks in the second half of January, the group said.

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The firm, which also operates the Coryton refinery in England and the Ingolstadt refinery in Germany, will hold another meeting with lenders "in the coming days."

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