(MENAFN) French President Francois Hollande refused to nationalize struggling Swiss refiner Petroplus' oil refinery in Normandy, Reuters reported.
He added that the state at some point could help the plant financially once a suitable buyer is found.
About 500 jobs at the 161,000 barrels-a-day Petit-Couronne refinery are at risk, another industrial challenge for the Socialist leader who has vowed to stem rising unemployment by the end of the year.
His administration is having a hard time trying to stop haemorrhage of industrial jobs which has further pushed unemployment to 15-year highs.
A French court set a deadline of February 5 for interested parties to submit bids for the Petit-Couronne refinery.
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