Featured Posts

Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

Read more

Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

Read more

Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

Read more

Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

Read more

UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

Read more

Trade unions criticise government for refusing to save Coryton oil refinery

Category : Business

Time running out to protect 850 jobs as UK’s largest independent site is wound down

Trade unions have criticised the government for ruling out using state aid to save the Coryton oil refinery in Essex, as time runs out to save 850 jobs at Britain’s largest independent site.

Ministers said overcapacity in the industry meant that pumping money into Coryton while administrators search for a buyer would be unsustainable.

The Department for Energy and Climate Change said: “This would not be a long-term solution either for the taxpayer or for the industry, which will thrive best with open and fair competition.”

Coryton’s administrators are winding down the site, after halting refining work last week, and hope to sell it as a storage facility.

Post a comment