Reuters: Bankruptcy News: UPDATE 1-Gunvor starts operations at German refinery

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UPDATE 1-Gunvor starts operations at German refinery Aug 27th 2012, 10:42 Mon Aug 27, 2012 6:42am EDT * Ingolstadt refinery begins after 7-month halt * Gunvor says plans to enlarge regional trading FRANKFURT/GENEVA Aug 27 (Reuters) - Switzerland-based trader Gunvor said on Monday that operations had resumed at its German Ingolstadt refinery, acquired from insolvent refiner Petroplus earlier this year. Gunvor, which is co-owned by a Russian tycoon and chief executive Torbjorn Tornqvist, bought the 100,000 barrels per day plant in May from the insolvent Petroplus to build on its presence in Europe. "We intend to build upon the good and enduring customer relationships, and enlarge our trading activities in Germany and the Alpine region," said Tornqvist in an emailed statement. Gunvor, a top-five oil trading house, also bought a Petroplus plant in Belgium in March as part of a bid to become an integrated oil company. Ingolstadt has been in stand-by mode for seven months while the sale process was going through. Revving it up again to maximum capacity is likely to take several days. The refinery's administrator said production was set to begin at the start of September. The plant produces gasoline, diesel, heating oil and bitumen. Before its temporary closure, it had annual sales of $4 billion and a market share of oil products of 20 to 30 percent in the Bavarian state and the adjacent region. Link this Share this Digg this Email Reprints

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