27th Jun 2006 10:08
BP PLC27 June 2006 June 27, 2006 BP TO SELL CORYTON REFINERY IN ESSEX BP announced today that it has decided to sell its Coryton Refinery in Essex, UKwhich processes 172,000 barrels of crude oil a day. The decision to place the asset on the market follows a review of the company'sEuropean refining portfolio which concluded that maintaining a smaller networkof advantaged refineries in Europe would provide greater benefit to the BPGroup. "We remain committed to our UK businesses and ensuring that we are able to fullymaintain the supply of fuel products to them will be a key element of the salesagreement," explains John Manzoni, chief executive of BP's refining andmarketing business. "In particular we will require the buyer to provide a longterm supply agreement and continuing use of the adjacent distribution terminal.This will also allow us to support and further develop our bio anddifferentiated fuels strategies in the UK." BP is in the process of holding initial discussions with a number of potentialbuyers and will commence more detailed negotiations in the next couple ofmonths. As the refinery is being sold as a going concern there is unlikely to beany significant impact on jobs. "Coryton is a well placed and profitable refinery with excellent developmentpotential which offers an attractive investment opportunity for potentialbuyers," said John Manzoni. "At the same time the disposal will enable us toinvest more deeply in our remaining European refineries so that they remain topclass assets." The sale includes the Coryton distribution terminal, which is adjacent to therefinery, and BP's UK bitumen business, which is integrated with Coryton. Notes to Editors: •Coryton started up in 1953 and currently employs in the region of 540 BP staff and numerous contractors •Coryton produces petrol and diesel, including the new 'cleaner' fuels, aviation fuels, liquefied petroleum gas (LPG), fuel oils and bitumen. •Excluding Coryton, BP owns or has shareholdings in 8 European refineries, with its principal refining assets being in Germany, Spain and the Netherlands. Further information: BP Press Office, London, tel: +44 (0)207 496 4358 - ENDS - This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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