French Energy Minister Eric Besson Monday said the government is ready to provide financial aid to any potential buyer of the now insolvent Swiss-based refiner Petroplus Holdings AG's (PPHN.EB) French refinery.
French Energy Minister Eric Besson Monday said the government is ready
to provide financial aid to any potential buyer of the now insolvent
Swiss-based refiner Petroplus Holdings AG's (PPHN.EB) French refinery.
"The state commits to provide all the financial means that will allow
making the acquisition possible," Besson told workers in the northern town
of Petit-Couronne, during a visit to the refinery.
Besson said the government has contacted several possible buyers for the
refinery, though he declined to name any.
Petroplus, one of the largest independent European refiners, was forced to file
for insolvency last week after struggling for months amid weak demand due to
the economic slowdown in
Europe
and
overcapacity amid tighter credit conditions, high crude prices and competition
from
Asia
and the
Middle East
.
Friday, Swiss-based privately-held Klesch Group said it is following the
Petroplus situation and evaluating a possible acquisition of its assets. Klesch
Group is controlled by U.S.-born businessman Gary Klesch.
Petroplus owned and operated five refineries in
Europe
. The
company was forced to idle three of them earlier this month.
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