Last-minute offers again delay French refinery decision

Tue Nov 6, 2012 10:40pm IST

Related Topics

Stocks

   

* NetOil's offer still incomplete - administrators

* Six other candidates send letters of intent

* Court to convene on Nov. 13 to set to deadline

By Michel Rose

PARIS, Nov 6 (Reuters) - A decision on the fate of France's oldest refinery has yet again been delayed on Tuesday after more parties showed last-minute interest in taking over the plant of insolvent Swiss refiner Petroplus.

NetOil, led by Middle Eastern businessman Roger Tamraz, submitted a new, improved offer to take over the Petit-Couronne refinery on Monday, unveiling a deal with British oil major BP and Hyundai.

Some six other candidates had sent letters of intent to the court in Rouen, northern France, pushing it to say it would only decide on a new bidding deadline on Nov. 13, judicial administrators for the former Petroplus plant said.

The Petroplus Raffinage Petit-Couronne (PRPC) administrators said in a statement NetOil's offer was still incomplete and had not presented all the administrative authorisations necessary to operate the refinery.

Hong-Kong-based Alafandi Petroleum Group (APG), whose initial offer had been rejected last month, had reached an agreement with a UK-based bank and asked for a delay to finalise its offer, PRPC said.

Libya's sovereign wealth fund, the Libyan Investment Authority, is also among potential bidders having presented letters of intent.

French Industry minister Arnaud Montebourg said on Monday he had asked the court to postpone its decision to allow Libya to invest in the refinery.

Other candidates are Jabs Gulf Energy Ltd, an Iraqi company owned by Abu Dhabi's Hanna Al Shaikh Group, Iran's Tadbir Energy Development Group (TEDG), Swiss consortium Activapro AG, and Terrae International SA, another Swiss company.

Five bidders had asked for a delay of at least three months to study the case and submit offers, PRPC said.

The Petit-Couronne refinery was placed under legal protection after its Swiss-based owner Petroplus filed for insolvency last year. (Editing by James Jukwey)

FILED UNDER:

REUTERS EXCLUSIVE

Reuters Showcase

Documents' Leak

Documents' Leak

India widens oil leaks probe to defence ministry  Full Article 

Bharti-China Mobile

Bharti-China Mobile

Bharti Airtel, China Mobile to collaborate on 4G  Full Article 

Rich List

Rich List

Bill Gates tops Forbes rich list, Michael Jordan joins.  Full Article 

Tough Task

Tough Task

India needs sustained GDP growth of 9-10 percent - Jaitley.  Full Article 

Budget 2015

Budget 2015

Budget announcements and reactions from the industry  Full Coverage 

New Credit Cards

New Credit Cards

Insight: Costly shift to new credit cards won't fix security issues   Full Article 

Environment Watch

Environment Watch

Deforestation could shift monsoons, leaving India high and dry.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage