Phillips 66 Limited on Tuesday said it has completed the acquisition of the assets and associated infrastructure of Prax Lindsey Oil Refinery Limited, following the Prax Group's liquidation triggered by financial collapse in June last year.
The transaction comes after the company previously agreed to the deal in January, stating its intention to integrate key assets into its Humber Refinery operations.
Phillips 66 Limited owns and operates the Humber Refinery in North Lincolnshire and supports a network of more than 330 JET-branded independent dealer-owned and company-owned retail sites across the UK.
“Completing this transaction allows Phillips 66 to play an even stronger role in supporting the UK’s fuel supply and the resilience of this critical energy infrastructure,” said Paul Fursey, Phillips 66 Limited UK lead executive.
“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.”
When integrated with the Humber site, Phillips 66 Limited plans to leverage storage and other infrastructure assets to enhance Humber Refinery operations and improve fuel supply to UK customers.
The sale was secured by the official receiver, Gareth Allen, working with the Insolvency Service and special managers from FTI Consulting LLP.
Of the remaining employees at the sites, 109 have been recruited by Phillips 66 Limited, and 55 will be made redundant.
“The sale of Lindsey Oil Refinery’s assets following a liquidation is the best possible outcome, and this is now complete,” Allen said. “I am grateful for the commitment, patience and understanding of the leadership team and employees at the site during this time.”