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2w ago

Official Receiver Secures Glencore Oil Supply to Sustain Lindsey Refinery

The crude supply pact keeps the facility running under the Official Receiver’s stewardship after Prax’s collapse

The Lindsey oil refinery’s decommissioning costs could run anywhere from £700 million to £3 billion
The Prax Lindsey refinery, near Immingham, northeast Lincolnshire, supplies 10 per cent of British fuel

Overview

  • On July 4, the Official Receiver struck a temporary crude oil supply deal with Glencore to maintain operations at the Lindsey refinery.
  • The refinery and Prax’s State Oil subsidiary entered administration on June 30 with FTI Consulting appointed as special managers.
  • The Insolvency Service continues probing director conduct at Prax’s parent company after the government filed winding-up petitions.
  • HMRC has lodged a £250 million tax claim against the insolvent group, intensifying pressure on administrators to find a buyer.
  • Lindsey processes about 113,000 barrels per day and is one of five remaining British-owned refineries critical to UK fuel security.