Klesch, other buyers in talks to acquire Petroplus refinery in France
By NADYA MASIDLOVER
PARIS -- French Energy Minister Eric Besson said Wednesday talks are underway with Swiss privately held Klesch Group and other potential buyers for the acquisition of a French refinery that belongs to Petroplus.
"Discussions continue with Klesch Group regarding the financial terms of its offer," Besson said in a statement, adding that "other possible buyers have recently made themselves known and are finalizing their offer."
The refinery is located in Petit-Couronne, a town on the French northern coast. It is reported to have a total throughput capacity of 161,800 bpd.
Swiss company Petroplus, one of the largest independent European refiners, was forced to file for protection from creditors after running out of cash in late January.
It had struggled for months with weak demand due to the economic slowdown in Europe and overcapacity amid tighter credit conditions, high crude prices and competition from Asia and the Middle East.
French President Nicolas Sarkozy, who is currently running for a second term, in February announced Royal Dutch Shell agreed to use the Petroplus refinery to process crude for six months.
Besson also said that the contract signed with Shell will allow operations to start up again at the refinery before June 15.
Dow Jones Newswires
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