Good news for the Coryton Refinery
The administrators of the Coryton Refinery plant in Thurrock have today (15 February) announced that a ‘tolling agreement’ has been signed, involving a collaboration of Morgan Stanley Capital Group Inc., KKR Asset Management, LLC, and AtlasInvest.
This agreement will allow a regular supply of crude oil to be delivered to the refinery for the next three months, meaning that the day-to-day operations of the site can continue while more permanent solutions are explored. Currently these options are either a sale or re-financing of the business.
Mr Van Orden commented: "I am delighted that this tolling agreement has finally been signed. It was clear from stakeholder meetings last week that Joint Administrators Steven Pearson and Stephen Oldfield from PWC, the Site Manager John Barden, and Minister Charles Hendry have all been working tirelessly, and in very difficult circumstances, to secure this agreement."
"Coryton is an important economic and strategic asset for the UK, and plays a vital role in the local Thurrock economy. Now the work to secure the long-term future of the site can begin, and I will be supporting this work in any way that I can."