{"id":1908180,"date":"2026-04-28T11:35:24","date_gmt":"2026-04-28T08:35:24","guid":{"rendered":"https:\/\/analyse.optim.biz\/?p=1908180"},"modified":"2026-04-28T11:35:24","modified_gmt":"2026-04-28T08:35:24","slug":"phillips-66-completes-sale-of-lindsey-oil-refinery","status":"publish","type":"post","link":"https:\/\/analyse.optim.biz\/?p=1908180","title":{"rendered":"Phillips 66 completes sale of Lindsey Oil Refinery"},"content":{"rendered":"

[analyse_image type=”featured” src=”https:\/\/ichef.bbci.co.uk\/news\/1024\/branded_news\/ab81\/live\/9d32f700-ea33-11f0-a422-4ba8a094a8fa.jpg”]<\/p>\n

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\"BBCBBC<\/span><\/div>\n<\/div>\n
The refinery was taken over by the official receiver in June 2025 following the collapse of previous owner Prax Group<\/figcaption><\/div>\n<\/figure>\n<\/div>\n
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Phillips 66 has completed the purchase of Lindsey Oil Refinery.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Almost 200 workers were made redundant at the North Lincolnshire site after previous owner Prax Group went into administration in June 2025.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Phillips 66, which runs a neighbouring refinery, said it intended to integrate key assets into its own operations to improve fuel supply to UK customers. The firm previously said it had no plans to restart standalone refinery operations.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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The Insolvency Service \u202fsaid of the remaining employees left at the site, 109 had been retained by the company while 55 would be made redundant.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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In a statement, the service said: “As of 28 April 2026, Phillips 66 Limited owns the assets of Prax Lindsey Oil Refinery Limited, including the site in Lincolnshire, plus Prax Storage Lindsey Limited, Prax Terminals Killingholme Limited, Prax Terminals Jarrow Limited and Prax Downstream UK Limited.”<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Official receiver Gareth Allen said it was the best possible outcome for the refinery.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Energy Minister\u202fMichael Shanks described Phillips 66 as an “experienced and credible\u202foperator” and the company would “quickly expand operations” at the plant.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Shanks previously said no credible offers were made to purchase the entire refinery.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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The refinery recorded losses of about \u00a375m in three years since Prax Group acquired the business from French company Total in 2021.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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An investigation into Prax Group’s conduct and the circumstances surrounding its insolvency is ongoing.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Getty Images A group of men and woman, some holding red flags and other holding black placards, some of which read: \"Save Lindsey Oil Refinery\".Getty Images<\/span><\/div>\n<\/div>\n
Refinery workers have staged a number of protests since last summer<\/figcaption><\/div>\n<\/figure>\n<\/div>\n
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Paul Fursey, lead executive at Phillips 66, said the purchase would allow the company to “play an even stronger role in supporting the UK’s fuel supply and the resilience of this critical energy infrastructure”.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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He added: “This strategic move will unlock new growth opportunities for traditional and renewable fuels and help protect UK energy security at a time when domestic production is under pressure.”<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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FTI Consulting, which was appointed to assist the official receiver during the liquidation process, said while some local jobs had been protected, redundancies were unavoidable.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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“We appreciate this has been a challenging period for employees and other stakeholders and we will continue to provide appropriate support to those affected individuals,” it said.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Listen to highlights from<\/i> Lincolnshire on BBC Sounds, watch the<\/i> latest episode of Look North or tell us about a story you think we should be covering <\/i>here.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Download the BBC News app from the App Store for iPhone and iPad or Google Play for Android devices<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n

[analyse_source url=”https:\/\/www.bbc.com\/news\/articles\/cj6p2r5je67o”]<\/p>\n","protected":false},"excerpt":{"rendered":"

[analyse_image type=”featured” src=”https:\/\/ichef.bbci.co.uk\/news\/1024\/branded_news\/ab81\/live\/9d32f700-ea33-11f0-a422-4ba8a094a8fa.jpg”] BBC The refinery was taken over by the official receiver in June 2025 following the collapse of previous owner Prax Group Phillips 66 has completed the purchase of Lindsey Oil Refinery. Almost 200 workers were made redundant at the North Lincolnshire site after previous owner Prax Group went into administration in June […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[35,226],"class_list":["post-1908180","post","type-post","status-publish","format-standard","hentry","category-politics","tag-bbc-com","tag-crawlmanager"],"_links":{"self":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/1908180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1908180"}],"version-history":[{"count":0,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/1908180\/revisions"}],"wp:attachment":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1908180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1908180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1908180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}