Petroplus share trading temporarily suspended on Swiss exchange

Published:  24 Jan at 4 PM

Trading by Petroplus, owner of the Essex-based Coryton oil refinery, was yesterday suspended on Switzerland's SIX stock exchange, as reported by BBC News.

Petroplus operates at the Coryton oil refinery, which employs 1,000 individuals whose jobs might now be affected or even at risk. The SIX stock exchange commented that the suspension was requested by the company itself.

East of England MEP Mr Richard Howitt admitted that these latest developments leave Coryton worker in fear of the worst case scenario. Petroplus Holdings, which is the largest independent oil refiner in Europe, had to reveal in December 2011 that its lenders had frozen the access to the credit it once had.

A month prior to that, the firm was hit with a fine of 50,000 Swiss franc by the Swiss Exchange for misreporting the earnings it made in 2009. Earlier this month, Petroplus saw its credit ratings downgraded by Standard and Poor's over fears of the firm defaulting on its debt.

A gang of European parliamentarians, which included East of England MEP Howitt, met regularly in the past few weeks to discuss ways to prevent jobs being lost at Petroplus, a company that has facilities in the UK, Switzerland, Germany, Belgium and France.

The group met with European Union Employment Commissioner Mr Laszlo Andor to consider which options might be available. In a statement, Howitt said that the suspension of shares is a complete surprise and has left Coryton's immediate future in the balance with workers fearing the worst.

Mr Howitt's group is inclusive of other MEPs from across Europe that also have Petroplus refineries. It will meet Gunther Oettinger, the European Energy Commissioner, later this week.