NO IMMEDIATE PLANS TO CLOSE REFINERY - ESSO SAF
ESSO SAF <ESSF.PA>, the French subsidiary
of Exxon Corp <XON>, said it had no immediate plans to shut
down one of its two refineries. Exxon's new president Lee R.
Raymond said earlier that it could decide to close a French
refinery.
    An ESSO SAF spokesman said a closure was a hypothesis that
depended on the evolution of the market and refineries' ability
to make money. He said Port Jerome west of Paris and Fos sur
Mer on the Mediterranean had benefitted from new investment
over 1985-86 and had last year broken even after stock losses.
    The Port Jerome refinery has an annual production capacity
of seven mln tonnes while Fos sur Mer's is five mln, the
spokesman added.
    Industry sources said the easiest plant to dispose of would
be Fos sur Mer because it is a single refinery, while the Port
Jerome refinery is attached to a wider complex comprising a
petrochemical plant and a lubricant production plant.
    Raymond was quoted as saying in a published interview that
Exxon was reviewing its worldwide refinery operations and might
decide to close one of its French refineries.
 Reuter
