Petroplus Completes Purchase of Coryton Refinery

abarrelfullabarrelfull wrote on 12 Aug 2014 14:22

June 01, 2007

Petroplus Holdings AG (SWX:PPHN) today announced that it has completed its purchase of the Coryton refinery located on the Thames Estuary in the United Kingdom. The Coryton refinery has a crude throughput capacity of 172,000 barrels per day and can run up to an additional 70,000 barrels per day of other feedstocks. Coryton’s major units include atmospheric and vacuum distillation units, a catalytic reformer, a fluid catalytic cracking unit, as well as several hydrotreating units.

Thomas D. O’Malley, Chairman and Chief Executive Officer of Petroplus, commented on the acquisition, “With the Coryton refinery, we are adding an additional 55% of refining capacity while increasing the overall complexity of our refining system. This facility is well situated within our North Sea Refining system and should provide for synergistic opportunities with our existing refining and processing assets in Belgium and the UK. The addition of Coryton is a tremendous achievement for our company and we are very pleased to add a refinery of its size and capabilities, along with a highly qualified workforce, to our company.”

Commenting on the financing for the acquisition, Karyn F. Ovelmen, Chief Financial Officer of Petroplus, said, “The purchase, including inventory and other adjustments totaled approximately $1.6 billion, was financed with proceeds from our issuance of corporate bonds, cash on hand and drawings under our working capital facilities. After the financing for this acquisition, our debt outstanding is approximately $1.6 billion and our total debt-to-total capitalization is about 42%.”

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