Joint Venture To Convert Petroplus Refinery Into Terminal

Law360, New York (June 26, 2012, 4:32 PM EDT) -- A U.K. oil facility previously operated by now-insolvent Petroplus Holdings AG will be refashioned into a terminal under a joint venture among Shell UK Ltd., Royal Vopak and Greenergy, the companies said Tuesday.

The announcement ends uncertainty that has swirled around the Coryton refinery since its former owner fell into bankruptcy in December, forcing refinery administrator PricewaterhouseCoopers LLP to either find a buyer or shut down the facility altogether.

“The administrators understand that the joint venture parties intend that the future use of the site is...
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