NEWS
1 March 2021
THE PRAX GROUP ANNOUNCES SUCCESSFUL ACQUISITION OF LINDSEY OIL REFINERY
The Prax Group,a leading independent oil refining, trading, storage, distribution and retail conglomerate dealing in petroleum products and bio-fuels, has announced that it has successfully completed the strategic acquisition of Lindsey Oil Refinery and its associated logistic assets in the United Kingdom, following the signing of an agreement in July 2020 to purchase the refinery from energy major Total. Prax has also announced the appointment of Luc Smets as General Manager of the refinery.
Covering a 500-acre site, and located five miles from the Humber Estuary in North Killingholme, North Lincolnshire, Lindsey Oil Refinery has an annual production capacity of 5.4 million tonnes. 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.
With a strong track record of integrating acquisitions and managing assets in the oil value chain, the Prax Group is a long-standing and trusted partner of Total. The acquisition of the refinery will bring about new investment, and underlines the Prax Group's determination to support the local economy and the wider community, whilst continuing to explore new business opportunities as part of its long-term growth strategy.
Sanjeev Kumar, CEO of the Prax Group, said: "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. This willcreate 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."
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Notes to Editors
About The Acquisition: The acquisition includes Lindsey Oil Refinery, the Finaline pipeline and the Killingholme loading terminal, together with shares in joint venture operations - Hertfordshire Oil Storage Ltd (60%), Associated Petroleum Terminals Ltd (50%), Crude Oil Terminals Ltd (50%) , Humber Oil Terminals Trustee Ltd (50%) and Warwickshire Oil Storage Ltd (50%).
About The Prax Group:Headquartered in the UK, the Prax Group is a leading independent oil refining, trading, storage, distribution and retail conglomerate dealing in petroleum products and bio-fuels. The Group has established principal offices in London, Houston and Singapore, and additional satellite offices across the world.
Corporate Headquarters:
Prax Group
York House
45 Seymour Street
London W1H 7JT
United Kingdom
Tel: +44 (0) 207 580 0033
Fax: +44 (0) 207 580 0334
Email:press@prax.com
For further press information, contact:
Anne-Marie McGrath -am@ifpr.co.uk
Hannah Norman -Hannah@ifpr.co.uk