The move agreement follows the liquidation of Prax Lindsey Oil Refinery Limited, and is pending completion subject to satisfaction of closing conditions.
An assessment by Phillips 66 Limited found that the previously Prax-run refinery is ‘not viable in its current form’ due to limitations of scale, facilities and capabilities. As a result. the company will integrate key facilities into its Humber Refinery, rather than restarting standalone refinery operations at the Lindsey site.
Announced today, the announcement follows a bidding process handled by FTI Consulting, who began serving as special managers of the Lindsey Oil Refinery assets after the Official Receiver was appointed liquidator in June 2025.
The sale includes the assets of Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited, Prax Terminals Killingholme Limited, Prax Terminals Jarrow Limited and Prax Downstream UK Limited. The conduct of the companies’ former directors, following the liquidation, remains the subject of an ongoing Insolvency Service investigation.
The Official Receiver, Gareth Allen, said: “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.”
A boost to UK energy security
Once completed, the acquisition and strategic investment will increase the company’s ability to supply the UK market from the Humber Refinery, boost UK energy security, and support hundreds of well-paid, high-quality jobs through site operations and future investment.
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.
“Agreeing to acquire Lindsey Oil Refinery assets and associated infrastructure marks an important step for Phillips 66 Limited as we continue to invest in the UK’s energy security,” said Paul Fursey, Phillips 66 UK lead executive. “We recognise and deeply sympathise with how difficult the closure of the site has been for the workforce and the local community.
“This sale is the best way forward to secure jobs, bolster the local economy, and encourage investment in the region.”
In addition to today’s announcement, Phillips 66 Limited is also investing in a multiyear project at its Humber site that will enable production of higher-quality gasoline.
Image of the Humber Refinery provided by Phillips 66 Ltd.