The future of the Coryton oil refinery is expected to be decided within a couple of weeks.

Last June, BP announced plans to sell the site, which processes 172,000 barrels of crude oil a day and employs around 540 permanent staff and numerous contractors.

However BP, while acknowledging a deal was in negotiation and an announcement might be imminent, said nothing would be announced this week.

When the news does break it is likely to be through an announcement to the stock exchange.

BP announced they were selling the site following a review of the company's European refining portfolio.

John Manzoni, chief executive of BP's refining and marketing business, said: "We will require the buyer to provide a long term supply agreement and continuing use of the adjacent distribution terminal.

"This will also allow us to support and further develop our bio and differentiated fuels strategies in the UK."

As the refinery is being sold as a going concern BP say there is unlikely to be any significant impact on jobs.

"Coryton is a well placed and profitable refinery with excellent development potential which offers an attractive investment opportunity for potential buyers," added Mr Manzoni.

The sale includes the Coryton distribution terminal, which next to the refinery, and BP's UK bitumen business, which is integrated with Coryton Coryton started up in 1953 and currently produces petrol and diesel, including new cleaner' fuels, aviation fuels, liquefied petroleum gas, fuel oils and bitumen.