Petroplus investors eye German refinery

Troubled oil refiner Petroplus has several investors interested in its operations in Germany, where its Ingolstadt plant will start running on standby mode on Thursday, it said, as it seeks to sell what it can in a bid to win cash.

Swiss-listed Petroplus, Europe's largest independent refinery by capacity, is filing for insolvency after battling with high debt and poor refining margins.

The company was forced to close three of its refineries in Switzerland, France and Belgium after lenders froze credit lines late in December, while Ingolstadt continued to operate.

From February 9 the Ingolstadt refinery will be run on standby, Petroplus said on Wednesday, which would allow the company to restart it quickly.

"Until now several strategic and financial investors from around the world have expressed interest not only in the refinery but also the business operations of Petroplus Germany," business chief Gerhard Fischer and administrator Michael Jaffe said in a statement.