Petroplus, Europe's largest independent refiner, is filing for insolvency, becoming the most prominent victim of weak refining margins and a freeze in credit markets.
The fate of the company, which is based in Switzerland, highlights the malaise of the continent's refining sector. Profits have been squeezed by a spike in Brent prices and increasing competition from outside a trend that should let Gulf players increase their market share in the euro zone.
Petroplus said on Tuesday negotiations with banks to unblock credit had failed, and on Friday insolvency proceedings were filed for the refiner and its units in Switzerland and Belgium.
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