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| If the oil refinery really does go belly up - there will be a lot of cheap flats and houses available soon | |
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The oil refinery will not go belly up. The company owning the refinery, Petroplus have gone belly up.
The refinery is a physical asset that will be disposed of by the receivers as a going concern, after all there is absolutely nothing wrong with the refinery, techically. A new company will take over, change the business model a little and continue. They will need the same amount of people to run the refinery, who will need the same amount of houses to live in and the same of everything else.
The cantonnal authorites seems very worried about it all, but the fact remains, the refinery is still a viable unit and somebody will certainly take it over in the dispoal of the Petroplus assets.