Prax Companies to Be Acquired by Phillips 66 Following Liquidation
The assets of several Prax companies, including the Prax Lindsey Oil Refinery and associated firms, will be sold to Phillips 66 Limited. The agreement for this acquisition was finalised on January 5, 2026, following a winding-up process that commenced in June of the previous year.
Details of the Sale
The transaction includes the sale of Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited, Prax Terminals Killingholme Limited, Prax Terminals Jarrow Limited, and Prax Downstream UK Limited. The Official Receiver, Gareth Allen, along with special managers from FTI Consulting LLP, validated the successful bid from Phillips 66 Limited.
Completion of the sale remains contingent upon fulfilling standard closing requirements, including obtaining necessary regulatory approvals. All employees associated with the affected firms have been informed about the ongoing developments.
Official Comments
Gareth Allen, the Official Receiver, expressed gratitude for the collaborative efforts that helped secure a buyer. He remarked:
“In the past six months, considerable efforts have been dedicated to finding a buyer to ensure a future for the Prax Lindsey Oil Refinery site. My primary role has been to achieve the best possible outcome for creditors during this liquidation process, which has now been successfully achieved.”
Allen acknowledged the contributions from the Insolvency Service team, the special managers at FTI Consulting, as well as the site’s leadership and staff in the liquidation effort.
Ongoing Investigation
It is important to note that the actions of the former directors of these companies are currently under investigation by the Insolvency Service. This inquiry aims to assess the conduct leading up to the liquidation and ensure accountability.
Background
The liquidation of Prax’s companies has drawn attention due to the essential role such refineries play in the UK’s energy infrastructure. As the country navigates various energy challenges, the acquisition by Phillips 66 could have significant implications for local jobs and energy supply stability.
Source: official statements, news agencies, and public reports.
https://www.gov.uk/government/news/update-prax-lindsey-oil-refinery-limited-and-associated-companies
