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Petroplus announces management change

Commercial and refining operations to be combined into a single unit in an effort to improve margins.



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Updated on 24 Nov 2009 07:38 GMT

Petroplus Holdings AG has announced that the company’s commercial and refinery operations will be combined into a single operating unit in a drive to improve efficiency and refining margins.

Chet Kuchta, the Company’s current Chief Commercial Officer, will lead the new operating unit as the Chief Operating Officer, whilst Bruce Jones, the Company’s current Chief Operating Officer will continue in a transition position before leaving the company in February 2010.

Commenting on the operating and other organizational changes, Jean-Paul Vettier, Petroplus’s Chief Executive Officer, said “Combining the commercial and refinery organizations puts all aspects of the refinery operations and marketing activities under one area of responsibility. In addition to the change in leadership, we have realigned and refocused the refineries to strengthen the operational reliability and efficiency programs. We have also reengineered the positions and responsibilities within the organization with the objective of optimizing the economic performance of the refineries to better capture refining margins.”

Regarding the departure of Mr. Jones, Jean-Paul stated “During his tenure, Bruce has significantly contributed to the growth and strategic direction of the Company. We thank him for his valuable service and important contributions provided as Chief Operating Officer and wish him the best in his future endeavors.”

Petroplus Holdings AG is the largest independent refiner and wholesaler of petroleum products in Europe.

Petroplus currently owns and operates six refineries across Europe: the Coryton Refinery on the Thames Estuary in the United Kingdom, the Belgium Refining Corporation Refinery in Antwerp, Belgium, the Petit Couronne Refinery in Petit Couronne, France, the Ingolstadt Refinery in Ingolstadt, Germany, the Reichstett Refinery near Strasbourg, France, and the Cressier Refinery in the canton of Neuchâtel, Switzerland.

The refineries have a combined throughput capacity of approximately 747,000 barrels per day. The company also owns the Teesside facility in Teesside, United Kingdom.

Last month Petroplus announced that it has entered into an agreement with Eurotank Belgium B.V., a wholly-owned subsidiary of Vitol Tank Terminals International B.V., part of the Vitol Group of companies, for the sale of Petroplus Refining Antwerp N.V. and Petroplus Refining Antwerp Bitumen N.V.

According to Petroplus, the current net asset value of these facilities is approximately $40 million which will result in a non-cash impairment charge of approximately $15 million in the third quarter of 2009.






Related Links:

Petroplus to sell Antwerp refinery to Vitol
Petroplus announces new CEO
Petroplus posts $11.3 million net loss
Petroplus shuts Teeside refinery
Switzerland

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