Fears for 1,000 oil refinery jobs at Coryton, Essex

Swiss oil refiner Petroplus has said it will file for insolvency after failing to reach an agreement with creditors to extend deadlines for loan repayments.

Shares in the company, which is Europe's largest independent oil refiner and owns the Coryton oil refinery in Essex in the UK, were suspended on Monday.

Speaking to the BBC, the Labour MEP for the East of England, Richard Howitt, said the news was a blow for nearly 1,000 workers at Coryton who now faced an uncertain future.