Petroplus plans to convert Reichstett refinery site to a terminal
Petroplus Holdings AG announced an update on the strategic review of its Reichstett refinery in France that was launched in April to evaluate alternatives for the site. The company has considered several possibilities, including a potential sale, further investments to improve its competitiveness, as well as a shutdown of refining operations and conversion to a terminal.
The process for a possible sale of the refinery has now concluded without presenting any buyers, and the company has determined that in the current challenging refining market and capital-constrained environment, the company cannot justify further sizeable capital investments in the plant. As a consequence, Petroplus has today informed the Work Council of the Reichstett refinery that it intends to commence a formal information and consultation process to propose terms for a project to cease refining operations and convert the site to a terminal. Petroplus is committed to help impacted employees and has proposed a job protection plan intended to mitigate the effects on them through measures such as assistance in securing new jobs, severance packages, and early retirements.
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