London, Jan 7, 2026, 08:31 (GMT)
Phillips 66 Limited said it had agreed to acquire assets and associated infrastructure from Britain’s Lindsey Oil Refinery and integrate key facilities into its Humber Refinery in North Lincolnshire. The company said it will not restart Lindsey as a standalone refinery, and UK lead executive Paul Fursey called the deal “an important step” in investing in Britain’s energy security. Phillips 66 Investor Relations
The move matters for the UK’s shrinking refining base because it keeps Lindsey offline as a crude-processing site and turns the transaction into a logistics and storage play around the Humber estuary instead. Lindsey closed in July after its owner Prax fell into insolvency, putting 420 jobs at the site at risk, and Phillips 66 said the refinery was “unviable in its current form.” Unite union general secretary Sharon Graham warned against turning it into a “glorified storage tank.” Reuters
Britain has four operational refineries after closures at the Grangemouth and Lindsey sites in 2025, a House of Commons briefing said, leaving the country more exposed to imports when domestic units shut. The remaining plants are ExxonMobil’s Fawley, Valero’s Pembroke and Essar’s Stanlow, alongside Phillips 66’s Humber site. House of Commons Library
Britain’s Insolvency Service said the official receiver had selected Phillips 66 Limited as the successful bidder and that assets from several Prax companies would transfer once closing conditions, including regulatory approvals, are met. Official Receiver Gareth Allen said the process aimed to deliver the “best possible outcome for creditors,” adding that the conduct of the companies’ former directors remains under investigation. Gov
When running, the Lindsey refinery accounted for about 10% of Britain’s fuel production, underscoring the scale of capacity already lost even as the government talks up energy security. The Guardian reported that the site’s future now hinges on how much of Lindsey’s infrastructure Phillips 66 ultimately absorbs into its neighbouring Humber operations. The Guardian
Insolvency can lead to liquidation — the winding up of a company and sale of its assets to repay creditors. “Mothballing,” used by unions in this case, typically means keeping a site shut but maintained so equipment and tanks can be used for storage or later work.
Still, the sale price is undisclosed and Phillips 66 has not committed to keep all jobs beyond the current employment guarantees, leaving the local impact uncertain. The deal also hinges on regulatory clearances and on whether the company decides the assets justify further spending once it completes its integration plan.
