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Prax Lindsey Oil Refinery

On 30^th June 2025, I made an Oral Statement regarding the deeply disappointing news that Prax Lindsey Oil Refinery (PLOR) had entered insolvency and made a Written Ministerial Statement on 1^st July 2025. I also made a Written Ministerial Statement on 22^nd July 2025 providing further information on the insolvency process led by the Official Receiver. Today, I am updating the House on the sale of the site and the assets.

The insolvency process at PLOR is led by the court-appointed Official Receiver, who must act in accordance with his statutory duties and independently of government.

After a thorough process to identify a buyer for the site, the Official Receiver has determined Phillips 66 Limited is the most credible bidder which can provide a viable future for this site. The sale is expected to complete in the first half of 2026.

Phillips 66 is an experienced and credible operator, and this sale allows them to quickly expand operations at its neighbouring Humber Refinery, with all remaining 250 staff guaranteed employment until the end of March 2026.

Phillips 66 plans to integrate key assets into its Humber Refinery operations. This will expand Phillips 66’s ability to supply fuel to UK customers from the Humber Refinery, boosting domestic energy security, securing jobs including hundreds of new construction jobs over the next five years, and driving future growth opportunities for renewable and traditional fuels.

This agreement marks the next step in securing an industrial future for the site and the workers, who were badly let down by their former owners.

The former owners left the company in a poor state and gave the government very little time to act. That’s why the Energy Secretary immediately demanded the Insolvency Service launch an investigation into their conduct and the circumstances surrounding insolvency which is ongoing.