The Prax Group Has Signed An Agreement With TOTAL To Purchase Lindsey Oil Refinery
Immingham, 27 July 2020 – The Prax Group has signed an agreement with Total to purchase Lindsey Oil Refinery and its associated logistic assets, with the deal subject to the conditions of sale being met. 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 will bring new investment to the refinery and underlines the Prax Group’s determination to support the local economy and the wider community.
“The Prax Group’s long-term strategy is to be fully integrated across the oil value chain from upstream to downstream,” said Sanjeev Kumar, CEO of the Prax Group. “Acquiring Lindsey Oil Refinery is a natural progression for the Prax Group, providing the opportunity to integrate the refinery and associated product flows into the company’s UK distribution and retail footprint, which operates under the Harvest Energy brand. We look forward to continuing to provide a secure supply of energy to new and existing customers.”
The sale will place the refinery at the heart of the Prax Group’s strategic network.
Sanjeev Kumar continued, “We are committed to all Lindsey Oil Refinery employees, who are a key element for the future success of the refinery.”
Lindsey Oil Refinery saw a major investment from Total in 2015, which modernised and streamlined the refinery.
“Since selling our British retail network in 2011, the Lindsey Oil Refinery has not been part of Total’s downstream system. With this agreement to sell, the refinery will be at the heart of the Prax Group’s UK network and it will be able to add value more easily”, said Thomas Behrends, General Manager of Lindsey Oil Refinery. “We are proud of the team and the work we have accomplished together.”
The completion date of the acquisition is expected before the end of 2020.
Notes to editors
The agreement includes all the activities of Total Downstream UK Limited, which is composed of Lindsey Oil Refinery, the Finaline pipeline and the Killingholme loading terminal, together with the 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%).
Operated by Total Downstream UK since it was constructed in 1968, Lindsey Oil Refinery has the capacity to process up to 5.4 million tonnes of crude oil per year (109 000 barrels a day).
The refinery employs around 400 people with approximately a further 350 contractors currently working on site.
Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.
About the Prax Group
Headquartered in the United Kingdom, the Prax Group is a leading global independent trading, storage, distribution and retail conglomerate dealing in crude oil, petroleum products and biofuels. The Group’s mission is to conduct its business responsibly, placing excellence, integrity and philanthropy at the heart of everything it does.
For further details, contact:
UK Media Relations : Iain Brotchie | +44 (0) 7964 921 669 | firstname.lastname@example.org
Prax Group Contacts
Media Relations : Anne-Marie McGrath | +44 (0) 7798 876 705 | Anne-Marie.McGrath@prax.com
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