Phillips 66 has entered into an agreement to acquire the assets of UK-based Prax Lindsey Oil Refinery and its related infrastructure for an undisclosed price.
The transaction remains contingent upon standard regulatory approvals and closing conditions.
Located in the Humber region and built in 1968, the Prax Lindsey Oil Refinery was designed to process up to 113,000 barrels of oil per day.
The deal with Phillips 66 comes after a bidding process run by FTI Consulting, which was appointed as special manager by the Official Receiver in June 2025, following the refinery’s liquidation.
Phillips 66 has decided not to resume independent operations at the Lindsey facility because of the site’s relatively small scale and limited capabilities.
Instead, the Lindsey site will be integrated with Phillips 66’s Humber Refinery, a move that is expected to streamline operations and strengthen fuel supply across the UK.
The Humber Refinery is situated on England’s east coast in North Lincolnshire, roughly 180 miles north of London.
Its processing units include crude distillation, delayed coking, fluid catalytic cracking, hydrodesulfurisation, naphtha reforming and thermal cracking.
Phillips 66 UK lead executive Paul Fursey said: “Agreeing to acquire Lindsey Oil Refinery assets and associated infrastructure marks an important step for Phillips 66 Limited as we continue to invest in the UK’s energy security.
“We recognise and deeply sympathise with how difficult the closure of the site has been for the workforce and the local community. This sale is the best way forward to secure jobs, bolster the local economy and encourage investment in the region.”
Phillips 66’s capital budget announcement in December 2025 included a multi-year investment plan at its Humber facility aimed at producing higher-quality gasoline.
For 2026, the company outlined a total capital budget of $2.4bn, allocating $1.1bn for sustaining capital and $1.3bn to growth projects.
Of this total, $1.1bn was designated for midstream operations, split into $400m for sustaining activities and $700m for growth initiatives.
In the refining segment, Phillips 66 plans to spend around $1.1bn, with $590m allocated to sustaining capital and $520m directed toward growth projects.
Last year, Phillips 66 acquired the outstanding 50% ownership stake in WRB Refining from Cenovus Energy’s subsidiaries.
