Phillips 66 has received a sale supervised by the UK authorities for the Lindsey refinery and related property, underneath courtroom orders to liquidate a number of Prax Group companies.
The Houston, Texas-based downstream firm stated in a web based assertion Monday it plans to “combine key property” from the acquisition into its Humber refinery.
“Following a radical evaluation undertaken throughout the bid course of, the corporate has determined to not restart standalone refinery operations on the Lindsey Oil Refinery”, Phillips 66 stated. “As a result of limitations of its scale, services and capabilities, evaluations have proven that the refinery just isn’t viable in present kind”.
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In its price range steering for 2026, revealed December 15, 2025, Phillips 66 stated it plans to remodel the Humber refinery to allow the manufacturing of higher-quality gasoline and broaden the power’s entry to “higher-value world markets”. Phillips 66 expects to start out up the transformation challenge within the second quarter of 2027.
Situated in North Lincolnshire on England’s east coast, Phillips 66’s Humber refinery produces as much as 95,000 barrels per day (bpd) of gasoline and 115,000 bpd of distillates, Phillips 66 says on its web site.
Additionally positioned in Humber, the Lindsey refinery has a processing capability of 113,000 bpd, Prax says on its web site.
Phillips 66 stated of the acquisitions from Prax, “When built-in with the Humber website, the storage and different infrastructure property will improve Humber refinery operations, enhance gas provide to UK prospects and drive future progress alternatives for renewable and conventional fuels”.
Phillips 66 UK lead government Paul Fursey stated, “This sale is one of the best ways ahead to safe jobs, bolster the native financial system and encourage funding within the area”.
The acquisition must acquire regulatory clearances, Phillips 66 stated.
The acquisition consists of Prax Lindsey Oil Refinery Ltd, Prax Storage Lindsey Ltd, Prax Terminals Killingholme Ltd, Prax Terminals Jarrow Ltd and Prax Downstream UK Ltd, in keeping with a separate assertion by the UK’s Insolvency Service.
Gareth Allen, the court-appointed “official receiver” overseeing the liquidation of the businesses, stated within the authorities company’s assertion, “Over the previous six months, each effort has been made to safe a purchaser and guarantee a future for the location at Prax Lindsey Oil Refinery. As official receiver, my obligation is to hunt the very best consequence for collectors when firms go into liquidation and this has been achieved”.
The Insolvency Service added, “The conduct of the businesses’ former administrators, following the liquidation, stays the topic of an ongoing Insolvency Service investigation”.
A winding-up order was issued in opposition to Prax Lindsey Oil Refinery, Prax Storage Lindsey and Prax Terminals Killingholme on June 30, 2025. That was adopted by one other winding-up order in opposition to Prax Terminals Jarrow on July 22, 2025, and in opposition to Prax Downstream UK on November 12, 2025, Prax says on its web site.
Authorities have appointed “particular managers” from FTI Consulting LLP to assist the official receiver with the liquidation.
The official receiver “additionally has an obligation to research the reason for the businesses’ failure and conduct of present and former administrators”, the Insolvency Service stated in a web based assertion June 30, 2025.
Prax says on its web site, “The Prax Group’s UK and European retail enterprise, upstream and worldwide operations all at the moment proceed to function exterior of insolvency”.
Rigzone despatched Prax a request for touch upon the sale and the continued investigation.
To contact the creator, electronic mail jov.onsat@rigzone.com
