A major oil refinery has been sold in a multi-million pound deal.

Petrochem Carless, a large employer in the Harwich area, has been snapped up in a takeover worth £32 million. The Parkeston-based petrochemical company has been bought by the team which has been managing it.

It has not yet been revealed whether the takeover will affect staffing levels at the Refinery Road site, just off the A120.

Chief executive Paul Gemski said the move would build on the company's successes. He said: "The management team and I are thrilled to have this opportunity to shape the future of such a great company.

"2004 has turned out to be a strong year for us and our new financing package provides us with a springboard for even greater success in 2005."

Petrochem Carless is a market leader in the manufacture of advanced automotive fluids, speciality chemicals and high performance hydrocarbons.

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Published Tuesday, January 25, 2005

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