Petroplus Holdings AG was Europe's largest independent oil refiner by capacity.

In December 2000, it bought the Teesside Refinery in Port Clarence from Phillips Petroleum Company.

[3] In December 2011 a $1bn credit line to the company was frozen by its bank lenders.

The company was planning to shut down some refineries if negotiations to restore the credit failed.

[4] On 24 January 2012, Petroplus announced that they were filing for insolvency after it defaulted on $1.75bn of senior notes and convertible bonds.