Reuters: Bankruptcy News: Petroplus German refinery draws first offers

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Petroplus German refinery draws first offers Apr 2nd 2012, 16:36 GENEVA, April 2 | Mon Apr 2, 2012 12:36pm EDT GENEVA, April 2 (Reuters) - Several interested parties have submitted offers for insolvent refiner Petroplus' Ingolstadt plant in Germany, a spokesman for the refinery's administrator said on Monday. "We've received non-binding offers and are now organising plant visits," said the spokesman on behalf of Munich-based administrator Jaffe Rechtsanwaelte Insolvenzverwalter. "We hope to be able to conclude negotiations in the second quarter," he added. The relatively complex 110,000 barrel-per-day Ingolstadt plant is widely seen as one of the more attractive of the many European refineries up for sale. The spokesman declined to comment on the number of bidders and the names of the parties involved. Oil trader Vitol, Swiss private investor Gary Klesch and former Russian energy minister Igor Yusufov are among those who have already expressed interest in the plant. There is no firm deadline for the submission of offers, the spokesman added. "There is no pressure for us to sell. This is not a firesale," he said. Swiss-based Petroplus was pushed into bankruptcy protection earlier this year by high debt and weak oil processing margins. Its plants in the UK, France and Switzerland are on the market, and its Antwerp plant in Belgium was sold to trading firm Gunvor last month. (Reporting by Emma Farge, editing by Jane Baird) Link this Share this Digg this Email Reprints

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