Reuters: Bankruptcy News: Former Russian minister to bid for Petroplus plants

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Former Russian minister to bid for Petroplus plants Mar 21st 2012, 09:04 LONDON, March 21 | Wed Mar 21, 2012 5:04am EDT LONDON, March 21 (Reuters) - A former Russian Energy Minister is planning to bid for three refineries owned by bankrupt oil refiner Petroplus, a source close to the matter said, giving hope to workers who fear refinery shut downs and potentially dashing rivals' expectations that industry overcapacity might be reduced. Fund Energy, an investment vehicle founded by Igor Yusufov, who still sits on board of directors of state-controlled Gazprom, plans to bid for Petroplus refineries at Coryton, England, Cressier, Switzerland and Ingolstadt, Germany, the source said. Fund Energy plans to file a bid for Ingolstadt by the close of business on Wednesday, to meet a March 21 deadline set for non-binding offers. Petroplus was pushed into bankruptcy protection earlier this year by high debt and weak crude processing margins. (Reporting by Tom Bergin. Editing by Chris Wickham and Jane Merriman)

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