26 June 2012 Last updated at 19:01
Hundreds of job losses have been confirmed in a deal that will see one of UK’s biggest oil refineries become a storage depot.
Administrators PwC said the site in Coryton, Essex, would become an “import terminal” for petrol and diesel.
The site will be operated by Royal Vopak, Greenergy and Shell UK, PwC said.
Steven Pearson, of PwC, said the closure would see the “majority” of the 500 Coryton employees made redundant.
The plant, which previously supplied 20% of fuel in London and the South East, ceased production earlier this month.
‘Difficult time’
About 350 contractors also worked on the site, which was placed into administration by its Swiss owner Petroplus in January.
Mr Pearson, the joint administrator, said: “We have been able to obtain the highest price by selling the site for an alternative use.
“We recognise that the closure results in the redundancy of the majority of the employees at Coryton and we intend to work with the local agencies and authorities to provide assistance during this difficult time.
“We now have to spend the coming weeks and months completing the removal of the remaining oil and ensuring that the closure programme is safely managed ahead of the sale of the assets to the joint venture partners.”
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