Troubled Coryton refines a deal

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An OIL refinery that went bust has seen its immediate future secured under a deal that will provide it with work for the next three months.

The Coryton plant in Essex, which supplies 20 per cent of fuel in London and the south-east of England, was recently plunged into administration by its Swiss owner Petroplus, prompting fears of up to 1,000 job losses.

But a consortium of financiers has now reached an agreement with administrators at PwC that will see them pay to refine oil at the plant for the next three months.