BP sells last UK refinery

Energy giant BP today announced the sale of its last refinery in the UK.

The disposal of the Coryton site in Essex for $1.4bn (€1bn) comes just over a year after BP offloaded its refinery at Grangemouth, Falkirk.

Close to the M25, the Coryton site is responsible for loading about 700 tankers a day to meet 22% of the UK’s forecourt demand.

The operation is set to be bought by Swiss firm Petroplus Holdings, which owns and operates three European refineries, including the Teesside Refinery.

BP and Petroplus have entered into a long-term supply agreement which will provide BP’s retail and other businesses with the products they require.

John Manzoni, chief executive of BP’s refining and marketing business, said: “BP is very much committed to the UK and does not need to own a refinery in the UK to offer its UK customers the best in fuel products.”

Following completion of the sale, which is expected by the middle of the year, about 540 staff will transfer to Petroplus. Coryton started up in 1953.