Petroplus Holdings AG may announce the halt of its five European refineries today because it can’t buy the crude it needs to maintain operations, according to a French union representative.
Petroplus management and union representatives are meeting later today at the Petit Couronne plant in northern France following yesterday’s announcement by the company that lenders have frozen credit, Laurent Patinier, a representative of the CFDT union, said by telephone.
“They are clearly planning to stop the five European refineries,” Patinier said. “When you can’t pay for crude, you have to stop operations.”
The French refinery has been operating at lower production rates than normal because of weakening refining margins, he said.
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