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U.S. refining model to helm Petroplus

April 06/2012

(downstreamtoday) -- In January this year the company declared itself insolvent and went into administration. O'Malley is back in the United States, pursuing another project in the same industry.

"He was trying to replicate the business model of independent refining in Europe based on his prior success in the U.S.," said
Gergely Varkonyi, analyst at Deutsche Bank. "O'Malley underestimated the challenges in European refining restructuring."
Shockwaves from the collapse of Petroplus spread beyond the oil industry as the closure of its Petit-Couronne refinery on the Seine became an issue in the French election campaign.

President Nicolas Sarkozy, struggling to hold onto power as unemployment climbs, brokered a deal for Shell to supply the plant and allow it to reopen at least temporarily.

In Britain, panic buying of gasoline broke out in January as motorists feared disruption to supplies when the Coryton plant came under threat - although it uniquely among the five Petroplus sites has kept refining without a break.

 

mrcplast.com

Author:Anna Larionova
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Category:General News
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