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 will be sold to Phillips 66 Limited.
An agreement was reached to sell the assets on 5 January 2026.
The companies were wound up from June last year, requiring the Official Receiver to oversee the liquidations and the running of the refinery.
The Official Receiver, Gareth Allen, and special managers from FTI Consulting LLP (Matthew Callaghan, Jo Hewitt, Andrew Johnson and Sam Ballinger) confirmed that Phillips 66 Limited has been successful in its bid for the sale of the site and the assets, with the completion of the sale to take place following satisfaction of closing conditions, including customary regulatory approvals.
All employees have been informed.
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.
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.
The conduct of the companies’ former directors, following the liquidation, remains the subject of an ongoing Insolvency Service investigation.
Information regarding the companies in liquidation can be found here Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited, Prax Terminals Killingholme Limited and Prax Terminals Jarrow Limited in Liquidation information for customers, suppliers, creditors and sub-contractors – GOV.UK
