The Official Receiver has announced the successful bidder – Phillips 66 Limited – for the site in Lincolnshire
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:
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