Petroplus releases disappointing half-year results

Petroplus Holdings AG, the largest independent refiner and wholesaler of petroleum products in Europe, released its second quarter and half year 2011 financial report. The company reported a net loss of US$80 million for the three months ending June 30, 2011. Half-year results show a net loss of US$49.8 million, which is an improvement from the net loss of US$111.3 million during the same period a year ago. “The second quarter was difficult, especially for this time of year, due to the extremely weak refining environment in Europe,” said Jean-Paul Vettier, CEO of Petroplus. “Margins declined to below US$2 per barrel during the quarter as product prices failed to keep pace with the rapid increase in crude prices due to soft demand amid an uncertain macroeconomic environment,” he said. (August 3, 2011)