August 31, 2012:

One of the two bidders for the French Petit-Couronne refinery of insolvent oil firm Petroplus has withdrawn its offer, the site's management said in a statement on Friday. The deadline set by a French court for the submission of takeover plans of the Normandy-based refinery had expired last Friday with only two low-profile bidders having presented offers which were considered as acceptable by trade unions. The management of PRPC (Petroplus Raffinage Petit-Couronne) said in a statement Alafandi Petroleum Group (APG) had withdrawn its offer, without providing more details. APG, whose website cites an address in Hong Kong and Ramzi Alafandi as its CEO, could not immediately be reached for comment. Net Oil, a group including Roger Tamraz, a Middle Eastern businessman active in oil and gas, is now the only bidder left for the site. The commercial court in Rouen, northern France, will take a decision on the refinery's fate on Sept. 4. It can decide to pick or reject the bid, extend again the deadline or simply dismantle the plant, which was placed under legal protection after Swiss-based refiner Petroplus filed for insolvency last year.

By Reuters