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Libya Won’t Invest in Petroplus Normandy Refinery, Fabius Says

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Nov. 28 (Bloomberg) -- Libya won’t invest in Petroplus Holdings AG’s Petit-Couronne site in Normandy, French Foreign Minister Laurent Fabius said

“Unfortunately, it wasn’t finalized,” he said on France Inter radio today. “It’s too bad, because the idea that a country like Libya that produces a lot of crude could have a partnership with a refinery in France was good.”

One or two “serious” offers for the crude-processing plant are being examined by the government, he said.

The future of the 154,000-barrel-a-day refinery remains in doubt as the facility went into administration after Petroplus filed for insolvency in January. Royal Dutch Shell Plc will end a so-called tolling accord on processing fuel at next month, unions have said.

Libya’s sovereign wealth fund was in preliminary talks with France as a potential co-investor in an insolvent oil refinery in Normandy, French Industry Minister Arnaud Montebourg said on Nov. 12.

Speaking in Tripoli, Montebourg raised the possibility that France’s strategic investment fund could act as a “minority partner.”

A court in Rouen this month delayed a deadline for offers for Petit-Couronne to Feb. 5 and will hold a hearing on operations at the refinery on Dec. 4.

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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