Petroplus prepares to file for insolvency

[The _Don]

Petroplus prepares to file for insolvency, shares plunge 82% | ShareCast - News you can use

 

[JudC270]

yeah, heard this on the news this morning - apparently they account for 20% of the fuel supply for London and SE!

Now, can I just put vegetable oil straight into the fuel tank or do I need to do some sort of conversion first?!?!?

 

[mattc]

So whats the real story? struggling with too much debt despite the industry they are in or "cheaper" competiton driving them out of business (which seems strange if they control most capacity in Europe)

EDIT - did a quick Wiki and lo and behold aseries of acquisitions left it financial over-stretched. No doubth the shiny buttons at the top rewarded themselves as the company kept "growing" . Wonder if they will be paying their bonuses back having driven the company to the wall

No doubt one of the competitors will pick the various refineries up cheaply and be making money very soon.

 

[markjay]

It's usually a combination of things, with the officially cited reason being only the last straw.

As a refinery, they would be buying crude and sell fuel (and other refined products), perhaps they are just at the unprofitable end of the petroleum supply chain?

And lenders can be very edgy these days, well they have been since 2007, but even more so now with entire countries on the brink of defaulting... perhaps the lenders realised that getting what they can from sell of assets is a better deal for them than a penny in the pound or whatever other deal they were offered.

 

[Satch]

yeah, heard this on the news this morning - apparently they account for 20% of the fuel supply for London and SE!

Now, can I just put vegetable oil straight into the fuel tank or do I need to do some sort of conversion first?!?!?

And thanks to general overcapacity in the European market have been operating at less tha 50% of capacity. Already shut down three European refineries.

Maybe some short term local disruption of supply but it will pass.

 

[davidjpowell]

Not if the Daily Wail has anything to do with it!

Petroplus bankruptcy: Drivers face fuel shortages as Coryton refinery goes bust | Mail Online

Here we go again!

 

[JudC270]

So .... back to my Vegetable oil!!!! just straight in my tank or?

 

[Palfrem]

Did hear some pundit on R4 giving a contributory reason for failure as "oversupply".

If that's the case then shouldn't fuel be getting cheaper?

 

[RobinEssex]

Hope it's not a sign of thins to come but struggled to find a garage with diesel earlier this evening in Essex!

 

[Dryce]

Not if the Daily Wail has anything to do with it!

Petroplus bankruptcy: Drivers face fuel shortages as Coryton refinery goes bust | Mail Online

Here we go again!

More importantly. They've got a scoop.

Falling journalistic standards blamed as Dundee slides down the map and obliterates Grangemouth.
​

 

[nick mercedes]

Note that only 1 of the 9 refineries in the UK is owned by a UK company, and that 1 refinery is half owned by a Chinese company.

Our destiny is in the hands of others...

 

[Dichtung]

And thanks to general overcapacity in the European market have been operating at less tha 50% of capacity. Already shut down three European refineries.

Maybe some short term local disruption of supply but it will pass.

Aren`t they always telling us that there is plenty of crude, but there is a chronic shortage of refining capacity?

 

[Rich27]

So .... back to my Vegetable oil!!!! just straight in my tank or?

No.

My knackered W124 however

 

[Satch]

Aren`t they always telling us that there is plenty of crude, but there is a chronic shortage of refining capacity?

Thanks to economic stagnation in Europe and more fuel efficient vehicles, the demand for road fuels has actually dropped. There is currently excess refining capacity and as a result margins are quite low