NEWS
8thJune 2023
THE PRAX GROUP ANNOUNCES SUCCESSFUL ACQUISITION OF HURRICANE ENERGY
The Prax Group -a leading British, independent refining, storage, distribution and sales conglomerate - has announced that it has successfully completed the strategic acquisition of Hurricane Energy Plc (Hurricane) in the United Kingdom.
Hurricane is a UK-based oil and gas exploration and production company with a 100 per cent operated interest in the Lancaster offshore oil field in the West of Shetland basin.
With a strong track record of integrating acquisitions and managing assets in the oil value chain, this acquisition is a natural progression for Prax. It provides the opportunity to integrate Hurricane's expertise and infrastructure into the company's footprint, to enable the continued exploration of new business opportunities as part of a long-term growth strategy.
Sanjeev Kumar Soosaipillai, Chairman and 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 Hurricane Energy is a natural progression for the Group, andwill create unique opportunities for synergies with existing Prax-owned assets, as well as demonstrating our ongoing commitment to building a solid and transformative supply chain to meet the needs of our customers for many years to come. The acquisition of Hurricane is a very significant moment in the Group's history and a major leap forward towards achieving our goal of becoming a fully integrated global energy provider."
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Notes to Editors
About The Prax Group:Headquartered in the UK, the Prax Group is a British multinational, independent exploration and production, refining, storage, distribution and sales conglomerate dealing in petroleum products and bio-fuels. The Prax Group has a complete integration across the whole oil value chain, from upstream to downstream, with offices in London, Houston and Singapore. The Group strives to limit its carbon footprint and to embrace the advent of transitional fuels.
Corporate Headquarters:
Prax Group
York House
45 Seymour Street
London W1H 7JT
United Kingdom