Prax Group Completes Total UK Refinery Buy
The Prax Group has announced that it has completed its acquisition of Lindsey Oil Refinery and its associated logistic assets in the UK from Total.
Prax Group, which has appointed Luc Smets as the general manager of the refinery, signed a deal in July last year to purchase the assets, which include the Finaline pipeline and the Killingholme loading terminal, together with shares in joint venture operations.
The company said the acquisition of the refinery will bring about new investment and underlines its determination to support the local economy and the wider community, while continuing to explore new business opportunities as part of its long-term growth strategy.
“Our long-term strategy is to be fully integrated across the oil value chain from upstream to downstream, and today marks the beginning of a new chapter for the Prax Group,” Sanjeev Kumar, the chief executive officer of Prax Group, said in a company statement.
“The acquisition of Lindsey Oil Refinery is a natural progression for the group, providing the opportunity to integrate the refinery and its associated product flows into the company’s UK distribution and retail footprint, which operates under the Harvest Energy brand,” he added.
“This will create unique opportunities for synergies with existing Prax-owned assets, as well as demonstrating our ongoing commitment to building a reliable supply chain to meet the needs of our customers for many years to come,” Kumar went on to say.
Lindsey Oil Refinery has an annual production capacity of 5.4 million tons and is said to be one of Europe’s most advanced refineries, processing over 20 different types of crude including, petrol, diesel, bitumen, fuel oil, and aviation fuels.
In October last year, Harvest Energy Marine, a member of the Prax Group of companies, announced that it had acquired the Total Zeebrugge Depot in Belgium. In a company statement at the time, Prax Group said it will use the terminal for the storage of marine bunker fuels.
Prax Group, which is headquartered in London, notes on its website that its core business is refining, physical oil trading and logistics. The business employs more than 1,300 people across 12 offices in seven countries, its website shows.
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