BP to sell its Essex refinery
BP has begun initial discussions with a number of potential buyers for its Coryton Refinery in Essex and expects to start more detailed negotiations within the next couple of months.
The decision to sell Coryton, which processes 172,000 barrels of crude oil a day, follows a review of the company’s European refining portfolio which concluded that maintaining a smaller network of advantaged refineries in Europe would provide greater benefit to the BP Group.
BP said there is unlikely to be any significant impact on its 540 staff and numerous contractors as it intends to sell the refinery as a going concern.
Coryton produces petrol and diesel, including the new ‘cleaner’ fuels, aviation fuels, liquefied petroleum gas (LPG), fuel oils and bitumen. The sale also includes the Coryton distribution terminal, which is adjacent to the refinery, and BP’s UK bitumen business, which is integrated with Coryton.
John Manzoni for BP said: “We will require the buyer to provide a long term supply agreement and continuing use of the adjacent distribution terminal.”