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Petroplus Assets Frozen
Petroplus had their assets frozen.
Their refineries are closing down as they cannot buy feed. Ships carrying crude are cruising the ocean negotiating with refineries to off-load.
Thoughts??
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Really nobody has any thoughts on this?? There is just something SO very wrong with this picture. Petroplus is the largest independant refiner in Europe. They have been "troubled" for months and were allowed to miss payment dealines with no penalties a month or so ago, what happened?? This is triggering lay offs in France. You know how the French feel about that....
http://www.reuters.com/article/2011/12/3...
Really nobody has any thoughts on this
Like the chap at the end of the Reuters article said, something must have happened. Banks don't just cut off credit like that. But we don't know what happened and with it being new year's 'n all we'll have to wait for things to emerge next week.
ZerHedge article covering this
http://www.zerohedge.com/news/refinery-crunch-europe
And a press release from Petroplus
Lead story
http://www.bloomberg.com/news/2011-12-28...
I billion in credit line frozen. No one seems to know what triggered it but the story on pricing here in the US is not the same as the story coming out of Europe. This is fishier than hell.
1st European domino?