French oil company Total, which produces industrial products such as slideway oil and cutting fluid, has agreed to sell its Lindsey Oil Refinery in Lincolnshire to Prax Group.
The refinery was originally built in 1968. It was streamlined and modernised by Total in 2015 as part of a major investment and is currently able to process up to 109,000 barrels a day of crude oil. It employs about 400 people, with some 350 contractors also working on the site.
Prax Group points to its history of successfully acquiring and integrating such assets into its value chain and says the deal will bring further investment to the refinery, emphasising its determination to continue supporting the economy in the local area.
Prax Group’s CEO, Sanjeev Kumar, pointed out in an announcement the firm’s ambition to be present throughout the value chain in the oil sector. He said the refinery’s acquisition was a natural step towards this goal, with the refinery’s operations being integrated into supplying the company’s retail and distribution presence in the UK.
Lindsey Oil Refinery’s current general manager, Thomas Behrends, said about Total’s sale:
“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.”
He added that Total was proud of the team’s achievement at the refinery.
