Total agrees deal to sell Lindsey refinery

29/07/2020 09:35 Oil Market

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Total has signed an agreement to sell the Lindsey refinery to independent British conglomerate Prax Group.

The deal includes the transfer of the facility’s associated logistic assets, as well as all related rights and obligations – the value of the sale is not known.

 

Prax, which specialises in the trade and sale of oil products, hopes the move will make it more integrated and competitive in the UK and will secure local supply.

 

The Lindsey refinery, which is located in Lincolnshire in England, has an annual production capacity of 5.4 million tons.

 

Bernard Pinatel, president of Total Refining and Chemicals, said: “This transaction is in line with our forward-looking strategy for Total’s European refining base, which involves focusing our investments on integrated refining and petrochemical platforms.

 

“Since the sale of our British retail network in 2011, the Lindsey refinery hasn’t been part of Total’s downstream system, it will be put to better use within the Prax Group; an independent player with a growing UK network.

 

“After considering several options for the future of the Lindsey site, Total chose the one that best protects local jobs. The sale should be finalized by the end of the year, once the conditions of the sale have been satisfied.”
Source: energyvoice.com

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