PETROPLUS HOLDINGS AG
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Petroplus Holdings AG is a holding company engaged in handling plus-sized amounts of petroleum. Petroplus is one of the largest independent refiners and wholesalers of petroleum products in Europe. The company specializes in oil refining, storage, and marketing. The company was established in 1993 by Marcel van Poecke and Willem Willemstein. Petroplus was acquired by RIVR, an investment vehicle jointly owned by US private equity firms Carlyle Group and Riverstone Holdings.
Petroplus aims to be the leading independent refiner and supplier of unbranded petroleum products in Europe and to be an industry leader in returning value to its shareholders. As of August 2006, the company has sold Petroplus Tankstorage, Frisol, Oxyde Chemical, 4Gas and other non-core assets to be a “pure play” oil refiner. The sale of half the shares sold in the offering, separation of non-refining assets and a one-time dividend have provided existing shareholders, including private equity investors Carlyle and Riverstone, a significant return on their investment in a short period of time.
Petroplus Holdings AG owns and operates three European refineries – Teeside Refinery in Teeside, UK, Cressier Refinery in Neuchatel, Switzerland, and the Belgium Refining Company’s refinery in Antwerp, Belgium. Petroplus is also in the process of purchasing a refinery in Ingolstadt, Germany, with a crude capacity of 110,000 barrels a day from ExxonMobil Central Europe Holding GmbH. The company distributes its petroleum products to approximately 185 distributors and 45 end wholesale customers primarily in Switzerland, Germany, the United Kingdom and the Benelux countries.
As of February 2007, Petroplus Holdings announced its intention to acquire the Coryton Refinery of British Petroleum (BP). BP has agreed to sell its Coryton Refinery, located in the Thames Estuary in the United Kingdom. The sale price of $1.4 billion – plus hydrocarbons to be valued at closing – includes the adjacent bulk terminal and BP’s UK bitumen business, which is closely integrated with the refinery.
Petroplus Holdings AG is one of the independent refiners and wholesalers of petroleum products in Europe. Petroplus focuses on refining and currently owns and operates three refineries across Europe: the Belgium Refining Company BRC refinery in Antwerp, Belgium, the Cressier refinery in the canton of Neuchвtel, Switzerland, and the Teesside refinery in Teesside, United Kingdom.
Description and history
Petroplus Holdings AG is one of the independent refiners and wholesalers of petroleum products in Europe.
Petroplus focuses on refining and currently owns and operates three refineries across Europe: the Belgium Refining Company (“BRC”) refinery in Antwerp, Belgium, the Cressier refinery in the canton of Neuchвtel, Switzerland, and the Teesside refinery in Teesside, United Kingdom. Petroplus also owns and operates a processing and storage.
Petroplus International B.V. (“PPI”), Netherlands was founded in 1993. In 1998, the Company was listed on the Amsterdam Stock Exchange. facility in Antwerp, Belgium.
March/April 2005 PPI is acquired and taken private by the newly formed RIVR Acquisition B.V. (RIVR) and is subsequently delisted from Euronext Amsterdam. February 2006 Argus Atlantic Energy Ltd. (“Argus”) is incorporated in Bermuda. May 2006 Company recruit a new management team, including Thomas D. O’Malley as its Chairman and Chief Executive Officer.
Company acquire European Petroleum Holdings N.V. EPH, the holding company of the BRC refinery in Antwerp,Belgium, and related supply and distribution assets from Sovereign Holding Limited (Bermuda). July 2006 We enter into an agreement with ExxonMobil to purchase the Ingolstadt refinery in Germany. August 2006 We sell or contract to sell Petroplus Tankstorage, a tank storage business; Frisol /Bunkering, a wholesale bunkering and trading business; Oxyde Chemical, a chemicals and plastics trading and distribution business; negotiated to sell 4Gas, a liquefied natural gas import terminal and marketing businesses; and other non-core assets. Argus and RIVR merge and the combined entity is relocated to Switzerland and renamed Petroplus Holdings AG.
On November 30, 2006, the shares of Petroplus Holdings AG are traded on the SWX Swiss Exchange for the first time. ISIN: CH0027752242; Symbol: PPHN
February 2007The Company entered into an agreement with BP to purchase the Coryton refinery in the United Kingdom.
Established by Marcel van Poecke and Willem Willemstein
A holding company engaged in handling plus-sized amounts of petroleum
ERNST & YOUNG LTD
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Phone: +41 +41 58 580 1100
Fax: +41 +41 58 580 1191
Country address: SWITZERLAND
Website url: www.petroplusholdings.com