The Prax Group has signed an agreement with Total to purchase Lindsey Oil Refinery and its associated logistic assets, with the deal subject to the conditions of sale being met.
Prax said: “The sale will place the refinery at the heart of our strategic network. We look forward to continuing to provide a secure supply of energy to new and existing customers.”
With what it described as “a strong track record of integrating acquisitions and managing assets in the oil value chain”, the Prax Group said it is a long-standing and trusted partner of Total.
The acquisition will bring new investment to the refinery and underlines Prax’s “determination to support the local economy and the wider community”, it said.
The Prax Group’s long-term strategy is to be fully integrated across the oil value chain from upstream to downstream.
Sanjeev Kumar, CEO of the Prax Group, said: “Acquiring Lindsey Oil Refinery is a natural progression for the Prax Group, providing the opportunity to integrate the refinery and associated product flows into the company’s U.K. distribution and retail footprint, which operates under the Harvest Energy brand. We look forward to continuing to provide a secure supply of energy to new and existing customers.”
Lindsey Oil Refinery saw a major investment from Total in 2015, which modernised and streamlined the refinery. The completion date of the acquisition is expected before the end of 2020.
For more information visit prax.com