The German crude oil refinery owned by stricken European refiner Petroplus Holdings AG (PEPFY) continues to produce--albeit at reduced capacity--despite the Switzerland-listed company's filing for insolvency Tuesday, said the spokesman for the insolvency administrator Wednesday.

"The Ingolstadt refinery is producing at around 50% to 60% of its capacity at present," said the spokesman of insolvency administrator Michael Jaffe of Munich-based law firm Jaffe Rechtsanwaelte Insolvenzverwalter.

He added that there are no restrictions on the sale of petroleum products from the Ingolstadt refinery as long as the deliveries have been paid for or payment transactions can be guaranteed in one form or another.

Jaffe was appointed as insolvency administrator for some of the Petroplus assets in Germany by a regional administrative court after the company filed for insolvency for three out of its 5 German affiliates.

The assets that Jaffe is now administering include the refinery itself as well as Petroplus Deutschland GmbH, the unit that markets the products manufactured in the refinery.
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