Summary
More than 400 jobs are at risk after the UK-based Lindsey Oil Refinery went into administration, sparking government calls for an investigation. The Prax Group, which bought the refinery in 2021, faced financial losses and couldn't fully answer financial inquiries, leading to concerns over its management and future operations.
Key Facts
- Lindsey Oil Refinery in Immingham faces administration, possibly affecting 420 workers.
- The union states up to 1,000 jobs might be affected, including contractors and suppliers.
- The UK government calls for an investigation into the refinery's financial handling.
- The Prax Group bought the refinery from Total in 2021.
- The refinery has lost around £75 million since Prax's takeover in 2021.
- An official receiver is appointed to manage the insolvency process.
- Management firm FTI Consulting is assisting in the liquidation process.
- The refinery is the smallest in the UK and located near the profitable Phillips 66 Humber refinery.
