May 15, 2012:

The clock is ticking for a three-month tolling agreement that has supplied crude oil to the Coryton refinery in the UK, which was run by insolvent Swiss refinery Petroplus, to expire in less than 48 hours, a Member of European Parliament (MEP) said on Tuesday. The tolling arrangement, which has so far allowed refining operations to continue at the 180,000 barrels per day Coryton, is due to end at midnight on Wednesday, UK MEP Richard Howitt said in a statement.

"Coryton is the jewel in the Petroplus crown with the biggest capacity and the best facilities for production of high grade fuels, so if there is a case for any of the affected refineries in Europe remaining open, it is the case for Coryton," Howitt said. Ahead of a European Union meeting in Brussels later on Tuesday, Howitt is calling for government intervention to save 2,000 jobs at the refinery, which supplies fuels to London and South East England.

By Reuters