Bloomberg reports that ConocoPhillips has reached an agreement to close its Wilhelmshaven refinery, allowing it to convert the northern German facility to an oil storage terminal from June 1. The workforce of 406 will be reduced to 48 and the U.S. oil company will pay a total of 15 million euros ($22 million) to employees after making the deal yesterday, Vera Ackermann, district manager for the IG BCE union. ConocoPhillips said in September last year it would keep the German refinery, the company’s biggest European oil- processing plant, closed following a fire in May. The plant has the capacity to process 260,000 barrels of oil a day. About 102,000 barrels of distillates, a group of fuels including diesel and heating oil, and 36,000 barrels of gasoline are produced daily.