June 16, 2008

Petroplus Notifies of Restricted Processing Capacity at BRC Refinery

Independent Swiss oil refiner Petroplus Holdings has announced that it continues to maintain limited processing capabilities at its BRC refinery in Antwerp, Belgium, following the fire that occurred on June 9, 2008. Assessments are continuing to determine the extent of the damage on the visbreaker unit.

The refinery is currently running unaffected units which include the naphtha and distillate hydrotreaters, the catalytic reformer, the isomerization unit and the liquefied petroleum gas recovery unit, which allow the refinery to produce gas oil, heating oil and gasoline components.

All crude distillation has been suspended and is expected to be back up within a few weeks. Based on preliminary assessments, Petroplus expects to bring the refinery back to full operation by the end of July 2008. Repair costs are not expected to be greater than $2 million.