Phillips 66 Acquires Lindsey Oil Refinery Amid Local Concerns

Phillips 66, the operator of a neighbouring refinery, has just purchased the Lindsey Oil Refinery site in North Lincolnshire, bringing about a notable change in Lincolnshire’s industrial environment. This acquisition comes in the wake of the previous proprietor, the Prax Group, entering administration, leading to control of the business being assumed by the official receiver last June.

While Phillips 66 aims to absorb the site into its existing operations, the company has opted not to kick-start independent refinery processes again, citing viability challenges. This choice has sparked worries among both the local labour force and civic leaders. Energy Minister Michael Shanks deemed the sale a stride towards ensuring the future of the site and its workers. However, trade union Unite voiced their misgivings, pushing Phillips 66 to circumvent draining the site down to simply a storage hub and pressed for consultations.

The completion of the sale is expected in the first half of the year, along with pledges that the remaining workforce will maintain their positions until March ends. Despite these assurances of job security, local MP Martin Vickers voiced his disappointment in relation to the cut of 124 jobs and the reduced output potential of the site.

Councillor Rob Waltham of North Lincolnshire Council welcomed the investment, but insisted on increased government involvement, underlining the value of these skilled positions to Lincolnshire families and the country’s energy security.

This report was developed by The Lincoln Post from initial coverage provided by www.bbc.com.