Phillips 66 Limited has agreed to acquire the Lindsey Oil Refinery assets and associated infrastructure.
The refinery entered administration in June 2025 following financial difficulties at its parent company, Prax, which resulted in a number of redundancies. Gi Grimsby News previously approached Phillips 66 amid speculation of a potential deal, but the company declined to comment at the time.
It has now been confirmed that an agreement has been reached, subject to the satisfaction of closing conditions. Under the deal, key facilities at the Lindsey site will be integrated into the Humber Refinery, rather than restarting standalone refining operations at Lindsey.
The announcement follows a bidding process overseen by FTI Consulting, which was appointed special manager of the Lindsey Oil Refinery assets after the Official Receiver became liquidator in June 2025.
Paul Fursey, Phillips 66 UK lead executive, said: “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. 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.”
The Official Receiver, Gareth Allen, added: “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.
“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. We will now oversee the completion of the sale and the transfer of the companies’ assets to Phillips 66 Limited.”
Part of the Gi Grimsby News team since 2020.