{"id":9648,"date":"2026-01-05T22:40:26","date_gmt":"2026-01-05T22:40:26","guid":{"rendered":"https:\/\/microvibenews.com\/?p=9648"},"modified":"2026-01-05T22:40:26","modified_gmt":"2026-01-05T22:40:26","slug":"us-oil-company-acquires-lindsey-refinerys-assets-daily-business","status":"publish","type":"post","link":"https:\/\/microvibenews.com\/?p=9648","title":{"rendered":"US oil company acquires Lindsey refinery&#8217;s assets \u2013 Daily Business"},"content":{"rendered":"<p><\/p>\n<div>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2025\/07\/Prax-Group-refinery-Prax-website.png\" alt=\"Prax Group\" class=\"wp-image-181359 lazyload\"\/><img loading=\"lazy\" fetchpriority=\"high\" decoding=\"async\" width=\"850\" height=\"559\" src=\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2025\/07\/Prax-Group-refinery-Prax-website.png\" alt=\"Prax Group\" class=\"wp-image-181359 lazyload\" srcset=\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2025\/07\/Prax-Group-refinery-Prax-website.png 850w, https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2025\/07\/Prax-Group-refinery-Prax-website-300x197.png 300w, https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2025\/07\/Prax-Group-refinery-Prax-website-768x505.png 768w, https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2025\/07\/Prax-Group-refinery-Prax-website-600x395.png 600w\" sizes=\"(max-width: 850px) 100vw, 850px\"\/><figcaption class=\"wp-element-caption\"><em>Lindsey oil refinery collapsed with huge losses<\/em><\/figcaption><\/figure>\n<p class=\"has-medium-font-size\">An American oil company will acquire the assets of an English oil refinery but will not restart processing.<\/p>\n<p class=\"has-medium-font-size\">Instead, Texas-based Phillips 66 will integrate the storage and other assets of the Prax Lindsey facility in Lincolnshire into its neighbouring operations.<\/p>\n<p class=\"has-medium-font-size\">The move comes six months after Lindsey collapsed into government-managed administration and follows a sales process conducted by FTI Consulting.<\/p>\n<p class=\"has-medium-font-size\">The Prax refinery was created by husband-and-wife entrepreneurs Winston and Arani Soosaipillai through\u00a0a number of acquisitions starting in the early 2000s. It culminated in the purchase of the Lindsey oil refinery from Total Energies, the French oil group, for $167 million in 2021.<\/p>\n<p class=\"has-medium-font-size\">However, difficulties arose from mounting losses. Glencore, a supplier to the site, issued a termination notice on the refinery to call in debt of $53.6 million after it learnt of the financial difficulties at State Oil, the refinery\u2019s parent company.<\/p>\n<p class=\"has-medium-font-size\">After the site was closed the Official Receiver took over and the Soosaipillais are now being sued by State Oil\u2019s creditors for an alleged breach of fiduciary duties.<\/p>\n<p class=\"has-medium-font-size\">Michael Shanks, the energy minister, said the deal \u201cmarks the next step in securing an industrial future for the Lindsey site\u201d and that Phillips 66 had emerged as \u201cthe most credible bidder which can provide a viable future for this site\u201d.<\/p>\n<p><!-- Simple Share Buttons Adder (8.5.3) simplesharebuttons.com -->           \t            <\/div>\n<p><script>\n!function(f,b,e,v,n,t,s)\n{if(f.fbq)return;n=f.fbq=function(){n.callMethod?\nn.callMethod.apply(n,arguments):n.queue.push(arguments)};\nif(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';\nn.queue=[];t=b.createElement(e);t.async=!0;\nt.src=v;s=b.getElementsByTagName(e)[0];\ns.parentNode.insertBefore(t,s)}(window,document,'script',\n'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\n fbq('init', '1192059580980274'); \nfbq('track', 'PageView');\n<\/script>#oil #company #acquires #Lindsey #refinerys #assets #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lindsey oil refinery collapsed&hellip; <\/p>\n","protected":false},"author":1,"featured_media":9649,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[3033,1520,266,596,265,7352,7349,364,7350,7351,7353],"_links":{"self":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/9648"}],"collection":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9648"}],"version-history":[{"count":0,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/9648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/media\/9649"}],"wp:attachment":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}