Phillips 66 has won a sale supervised by the United Kingdom government for the Lindsey refinery and associated assets, under court orders to liquidate several Prax Group businesses.
The Houston, Texas-based downstream company said in an online statement Monday it plans to “integrate key assets” from the acquisition into its Humber refinery.
“Following a thorough assessment undertaken during the bid process, the company has decided to not restart standalone refinery operations at the Lindsey Oil Refinery”, Phillips 66 said. “Due to the limitations of its scale, facilities and capabilities, evaluations have shown that the refinery is not viable in current form”.
In its budget guidance for 2026, published December 15, 2025, Phillips 66 said it plans to transform the Humber refinery to enable the production of higher-quality gasoline and expand the facility’s access to “higher-value global markets”. Phillips 66 expects to start up the transformation project in the second quarter of 2027.
Located in North Lincolnshire on England’s east coast, Phillips 66’s Humber refinery produces up to 95,000 barrels per day (bpd) of gasoline and 115,000 bpd of distillates, Phillips 66 says on its website.
Also located in Humber, the Lindsey refinery has a processing capacity of 113,000 bpd, Prax says on its website.
Phillips 66 said of the acquisitions from Prax, “When integrated with the Humber site, the storage and other infrastructure assets will enhance Humber refinery operations, improve fuel supply to UK customers and drive future growth opportunities for renewable and traditional fuels”.
Phillips 66 UK lead executive Paul Fursey said, “This sale is the best way forward to secure jobs, bolster the local economy and encourage investment in the region”.
The acquisition needs to obtain regulatory clearances, Phillips 66 said.
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, according to a separate statement by the UK’s Insolvency Service.
Gareth Allen, the court-appointed “official receiver” overseeing the liquidation of the companies, said in the government agency’s statement, “Over the past six months, every effort has been made to secure a buyer and ensure a future for the site at Prax Lindsey Oil Refinery. As official receiver, my legal responsibility is to seek the best possible outcome for creditors when companies go into liquidation and this has been achieved”.
The Insolvency Service added, “The conduct of the companies’ former directors, following the liquidation, remains the subject of an ongoing Insolvency Service investigation”.
A winding-up order was issued against Prax Lindsey Oil Refinery, Prax Storage Lindsey and Prax Terminals Killingholme on June 30, 2025. That was followed by another winding-up order against Prax Terminals Jarrow on July 22, 2025, and against Prax Downstream UK on November 12, 2025, Prax says on its website.
Authorities have appointed “special managers” from FTI Consulting LLP to help the official receiver with the liquidation.
The official receiver “also has a duty to investigate the cause of the companies’ failure and conduct of current and former directors”, the Insolvency Service said in an online statement June 30, 2025.
Prax says on its website, “The Prax Group’s UK and European retail business, upstream and international operations all currently continue to operate outside of insolvency”.
Rigzone sent Prax a request for comment on the sale and the ongoing investigation.
To contact the author, email jov.onsat@rigzone.com
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