Phillips 66 to acquire Lindsey Oil Refinery assets in UK
- Phillips 66
- 2 days ago
- 2 min read
Phillips 66 Ltd. announced Jan. 5 that it has agreed to acquire Lindsey Oil Refinery assets in North Lincolnshire, England, and associated infrastructure pending completion subject to satisfaction of closing conditions, including customary regulatory clearances.
The announcement follows a bidding process handled by FTI Consulting, which began serving as special managers of the Lindsey Oil Refinery assets after the official receiver was appointed liquidator in June.
The company also announced that it plans to integrate key assets into its Humber Refinery operations.
Following a thorough assessment undertaken during the bid process, the company has decided to not restart standalone refinery operations at the Lindsey Oil Refinery.
Due to the limitations of its scale, facilities and capabilities, evaluations have shown that the refinery is not viable in current form.
Once completed, the acquisition and strategic investment will increase the company’s ability to supply the U.K. market from the Humber Refinery, boost U.K. energy security and support hundreds of well-paid, high-quality jobs through site operations and future investment.
When integrated with the Humber site, the storage and other infrastructure assets will enhance Humber Refinery operations, improve fuel supply to U.K. customers and drive future growth opportunities for renewable and traditional fuels.
“Agreeing to acquire Lindsey Oil Refinery assets and associated infrastructure marks an important step for Phillips 66 Ltd. as we continue to invest in the U.K.’s energy security,” said Paul Fursey, Phillips 66 U.K. lead executive.
“We recognize and deeply sympathize with how difficult the closure of the site has been for the workforce and the local community,” Fursey added.
“This sale is the best way forward to secure jobs, bolster the local economy and encourage investment in the region,” he said.
Phillips 66 Ltd. said it is also investing in a multiyear project at its Humber site that will enable production of higher-quality gasoline.
Production of renewable diesel at the Humber Refinery began in 2018.
