THE ASSETS of Prax Lindsey Oil Refinery and four related companies will be sold to Phillips 66 Limited, the Official Receiver said on Monday.
An agreement to sell the assets was reached on January 5, 2026. The companies include Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited, Prax Terminals Killingholme Limited, Prax Terminals Jarrow Limited and Prax Downstream UK Limited.
The companies were wound up from June last year, with the Official Receiver overseeing the liquidations and the running of the refinery.
The Official Receiver, Gareth Allen, and special managers from FTI Consulting LLP confirmed that Phillips 66 Limited was the successful bidder for the site and assets. Completion of the sale will take place after closing conditions are met, including regulatory approvals.
All employees have been informed.
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.”
He added: “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.”
Allen said: “My thanks to the team at the Insolvency Service, the special managers at FTI Consulting LLP, and the leadership team and employees at the site for their work.”
He said: “We will now oversee the completion of the sale and the transfer of the companies’ assets to Phillips 66 Limited.”
The Insolvency Service said the conduct of the companies’ former directors following the liquidation remains under investigation.
