AROUND 60 staff at a petrolium firms Tees Valley operation are facing an uncertain future after it went into administration today.

PwC was appointed administrator of Petroplus Refining Teesside Limited which operates an oil storage site on Teesside and a Research & Development site in Swansea.

Petroplus Refining Teesside Limited has approximately 60 employees.

PwC was also appointed to sister company Petroplus Refining and Marketing Limited which operates the 586 acre Coryton oil refinery in Essex where it has approximately 500 employees and 350 contractors.

The two firms are subsiduaries of Swiss firm Petroplus Holdings AG.

The Petroplus group has recently faced refinancing challenges and suffered as a result of low refining margins and high restructuring costs.

The group had previously announced the temporary suspension of refining at Petit Couronne (France), Antwerp (Belgium) and Cressier (Switzerland).

During December Petroplus Holdings AG announced that it was in discussions with its lenders to restructure its various financing arrangements, but was unable to reach agreement.

Steven Pearson, joint administrator and PwC partner said: "Our immediate priority is to continue to operate the Coryton refinery and the Teesside storage business, without disruption while the financial position is clarified and restructuring options are explored."