More than 500 workers will lose their jobs at the Coryton oil refinery, after PricewaterhouseCoopers(PwC), the administrators announced the closure of the site.
PwC said the site will close in 90 days unless a buyer is found.
The Essex refinery is owned by Swiss petroleum products wholesaler Petroplus which went into administration in January this year. The plant also employs 350 contractors and is responsible for supplying 20 per cent of fuel in London and the South East. In total 850 jobs will be lost.
“Regretfully, despite this extensive exercise over the past four months it hasn’t yet been possible to find a solution which sees the refinery continue as a going concern,” PwC said in a statement.