THE future of as many as 1,000 jobs at the Coryton oil refinery remain in the balance, with administrators revealing a deal to save the plant has yet to be struck.
If a buyer is not found by May 14 the refinery will face closure, and the loss of all the jobs there.
Administrators were brought in after the Stanford-le-Hope plant’s owner, Petroplus went under in January.
A temporary three-month deal was struck on February 14, but after the May 14 deadline, closure appears almost inevitable.
Joint administrator Steven Pearson said: “We’ll do a deal or shut Coryton when the current arrangement finishes.
“We are still working to try to find a deal and I suspect it will go until midnight on the day before the deal expires.”
He blamed the lack of a sale on the tough economic climate and the rising cost of oil, but said there were ten potential buyers.
He added: “We need committed investors. It’s important we get the deal done. May will be a big month for the company.”
The refinery is one of south Essex’s biggest employers and supplies 20 per cent of London and the South-East’s fuel.
Essex Labour Euro MP Richard Howitt who has campaigned to save Coryton, said: “Previously, we had been informed the temporary arrangement could be extended on a rolling, month-by-month basis, but today’s statement exposes the commercial pressure against achieving this.
“The best outcome would be a long-term rescue deal – and for nearly 1,000 workers in Thurrock, only the best is good enough."
Russ Ball, the regional officer for the Unite union, which represents Coryton workers, said: “Nothing has changed. It was always the case there had to be an endgame. Administration can’t go on forever.”
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