Phillips 66 Limited has agreed to acquire Lindsey Oil Refinery assets and associated infrastructure pending completion subject to satisfaction of closing conditions, including customary regulatory clearances.
In a post on LinkedIn, the company announced that it plans to integrate key assets into its Humber Refinery operations. Following a thorough assessment undertaken during the bid process, Phillips 66 have 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.
‘We recognise and deeply sympathise with how difficult the closure of the site has been for the workforce and the local community,’ said Phillips 66 in the post.
Once completed, the acquisition and strategic investment will increase the company’s ability to supply the UK market from the Humber Refinery, boost UK energy security, and support hundreds of well-paid, high-quality jobs through site operations and future investment.
