Lindsey Oil Refinery has been acquired by Prax Group. Prax Group’s purchase of the huge North Killingholme plant is now complete, with Luc Smets installed to head up the 5.4 million tonne site.
Announced last summer, the close will come as a huge relief to many as it was conducted through the seismic shift in industry expectations.
As part of the move, Prax has announced that it has completed an exclusive crude oil and feedstocks supply arrangement with Trafigura, a market leader in the global commodities industry. Under the new agreement, Trafigura will use its “extensive global reach in international oil markets to source the optimal range of crude oils and feedstocks for the refinery”, it said.
Sanjeev Kumar, chief executive at Prax, added: “Our long-term strategy is to be fully integrated across the oil value chain from upstream to downstream, and today marks the beginning of a new chapter for the Prax Group.
“The acquisition of Lindsey Oil Refinery is a natural progression for the group, providing the opportunity to integrate the refinery and its associated product flows into the company’s UK distribution and retail footprint, which operates under the Harvest Energy brand.”
He added: “This will create unique opportunities for synergies with existing Prax-owned assets, as well as demonstrating our ongoing commitment to building a reliable supply chain to meet the needs of our customers for many years to come.”
Covering a 500-acre site, it is one of Europe’s most advanced refineries, processing over 20 different types of crude including, petrol, diesel, bitumen, fuel oil and aviation fuels, which are transported across the UK and abroad by sea, road, rail and pipeline.
Prax is a longstanding partner of Total.
For more information visit prax.com