Allen & Overy (A&O) has taken the lead role advising petroleum refiner Petroplus Holdings on its $1.4bn (£715m) acquisition of an oil refinery from BP.

The magic circle firm is advising the Switzerland-headquartered company on its acquisition of BP's Coryton Refinery in Essex.

A&O energy partner Tim Shilling is leading a team that also includes employment partner Julie Quinn, real estate partner Adam Cleal and communications, media and technology partner Colleen Keck.

The deal is the first big purchase for Petroplus since its $2.4bn (£1.2bn) listing on the Swiss Stock Exchange at the end of last year.

It is also the first deal A&O has done for the company since its new management team was put in place following its acquisition by The Carlyle Group in March 2005.

Shilling told Legal Week: "For us, the most significant aspect of the deal is the relationship with Petroplus. This is the first transaction we have done with them since the new team came in and we would hope to work with them again."

Linklaters advised regular client BP with corporate partner Lee Taylor leading assisted by a team including partner Matthew Keats.

The purchase includes a storage unit next to the refinery as well as BP's UK bitumen business. The two companies have also agreed a long-term supply arrangement to provide BP's UK businesses with support products.

The Coryton refinery, which employs around 540 staff, has a crude capacity of around 172,000 barrels per day and is one of the biggest suppliers of gas, diesel, heating oil and jet fuel in the southeast of England. It supplies Heathrow and Gatwick airports with jet fuel via direct pipelines.

The deal is expected to close in the first half of this year.