Libyan Fund to Buy French Refinery?

Libya's sovereign wealth fund, the Libyan Investment Authority (LIA), is reported to be interested in taking over the Petroplus oil refinery in northwestern France, which is currently in bankruptcy proceedings.

France's Industry Minister Arnaud Montebourg told RTL Radio that he had received a letter from the fund saying they would like to examine the possibility of investing in the refinery.

The deadline for offers to take over the site was 1600 GMT on Monday, but the Minister said he would request an extension to allow a possible Libyan bid to be considered.

According to a France24 report, last month the court ordered the Petit-Couronne refinery be liquidated, rejecting two takeover offers from Dubai-based NetOil and Alafandi Petroleum Group, which is based in Hong Kong, but it allowed the refinery to continue operating for two months.

Shell owned the Petit-Couronne refinery from its creation in 1929 to its sale to the Swiss company Petroplus in 2008.

The refinery, which is situated near Rouen, in Normandy, employs 470 people.

(Source: France24)

One Response to Libyan Fund to Buy French Refinery?

  1. [...] minister Arnaud Montebourg, keen to secure a rescue of the oldest refinery in France, visited Libya on Monday along with French foreign minister Laurent [...]

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  1. France to Invest in Petroplus with Libya?- Reuters My Blog - 13th November 2012

    [...] minister Arnaud Montebourg, keen to secure a rescue of the oldest refinery in France, visited Libya on Monday along with French foreign minister Laurent [...]

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