Europe's largest independent oil refiner Petroplus said on Tuesday that lenders had frozen about $1 billion (765,000 euros) in credit lines, threatening its ability to purchase crude. The Swiss firm, which operates five refineries, said the $1 billion in uncommitted lines was "critical" to allow the company's operating units to meet their obligations when due.
Petroplus did not disclose the reason for the freeze but the action comes against the backdrop of the eurozone crisis and banks tightening lending conditions.
The firm has $1.1 billion in committed credit lines, but with only half its credit facility available, it says the move will have a swift impact.
"It is not a matter of weeks. It is something we need to solve in the coming days," head of investor relations Fredrik Olsson told AFP. "If we can't buy crude, then of course there will no crude for the refineries. It's of course something that impacts quickly."
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