Petroplus shares dive as banks freeze funds for crude

摘要

New York—Shares of Europe’s biggest independent refiner Petroplus plunged December 27 after it announced about $1 billion in credit lines had been frozen by lenders and it may not be able to buy crude for its plants. “These lines are critical to allow the company’s operating units to meet their obligations when due,” said Petroplus in a statement, without saying why credit lines were frozen. The Zug, Switzerland-based company said it “intends to continue negotiations with the banks for a prompt restoration of the credit lines, and is evaluating additional strategic options to maintain operations in its European refining and marketing system.”