Enter multiple symbols separated by commas

Petroplus Gets Provisional Financing, Shuts French Plant

Embattled Swiss-based oil refiner Petroplus has obtained a provisional financing agreement with its lenders while they negotiate a solution to keep the debt-laden group afloat, a source close to the matter said on Friday.

Oil refinery
Oil refinery

"A provisional financing agreement has been found to keep the talks going," the source told Reuters.

Petroplus's future has been thrown into doubt since it revealed on Tuesday that lenders had frozen a $1 billion credit facility the company relies on to buy crude oil.

Petroplus said on Friday this would force it to shut down its Petit Couronne refinery in France, which employs 550, as crude oil supplies run out.

"There is no more crude coming in so the plant cannot work anymore so we need to shut the plant on Monday or Tuesday, but this is a technical shut down," a Petroplus spokeswoman said.

"The plant's units will be mothballed so that they can be restarted quickly when crude supplies come back."

Contact Europe News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Europe Video

  • US growth disappoints

    Lindsey Piegza, chief economist at Stifel Fixed Income, discusses U.S. GDP growth in the second quarter and when the Federal Reserve will raise interest rates.

  • Fed to hike rates by year-end?

    David Bloom, global head of foreign exchange strategy at HSBC, discusses the euro/dollar and when the Federal Reserve may raise interest rates.

  • The next stage for Facebook?

    Cathie Wood, CEO of ARK Investments, says Facebook needs to invest in the "huge opportunities" that are Instagram, Whatsapp and Messenger, to generate more users.