NEWS
9th July 2024
The Prax Group Agrees Crude Oil Supply Arrangement With Glencore
The Prax Group, a leading independent energy conglomerate dealing in crude oil, petroleum products and biofuels, with complete integration across the oil value chain from upstream to downstream, announces that it has completed an agreement for exclusive crude oil supply for its Prax Lindsey Oil Refinery with Glencore Energy UK Ltd, a subsidiary of Glencore plc, one of the world's largest globally diversified natural resource companies.
Prax has selected Glencore as its supply partner to build on the substantial investment the Group has made since it acquired the refinery in 2021, including the first major Turnaround & Inspection of the refinery under Prax ownership.
Under the terms of the agreement, the Prax Group will purchase crude oil and refinery feedstocks from Glencore for its requirements for Prax Lindsey Oil Refinery, located near Immingham in the Humber estuary, in the North-East region of the United Kingdom, and Glencore will use its extensive global reach in the international energy markets to source the optimal range of crude oil and other feedstocks for the refinery.
The Prax Group is committed to continue investing in Prax Lindsey Oil Refinery for the long term, and to transform it into a next generation, low carbon refinery that contributes to the UK’s energy security.
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Notes to Editors
About the Prax Group: Headquartered in the UK, the Prax Group is a British multi-national, 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.
Prax Group Corporate Headquarters:
Prax Group
York House
45 Seymour Street
London W1H 7JT
United Kingdom
Email: press@prax.com
Website: www.prax.com