Description:

 Another blow to President Sarkozy’s re-election campaign, although he has yet to declare himself a candidate, is the news that the Petroplus refinery at Petit Quevilly near Rouen , Upper Normandy is  likely to be sold or closed down because of overcapacity in the industry, with the possible loss of  over five hundred jobs.
The Swiss owners and the French government are looking at the possible options although in the end whether the refinery can be sold as a going concern is a matter for conjecture. Petroplus has been losing money on its refining activities and because of this the banking crisis has meant that the company has not been able to renew credit lines.
It is hard to see why any buyer would be able to profit where Petroplus has been unable to. But because of the re-election process, the French government must be seen to be doing all it can to save the jobs in an important industry and in the Rouen area  of Petit Quevilly which is   a socialist stronghold.
In the end, the market will speak.

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