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The proprietor of the Lindsey lipid refinery has crashed into insolvency, putting arsenic galore arsenic 2,500 jobs astatine hazard astatine the vigor conglomerate down the Lincolnshire site.
Sky News has learnt that Prax Group, which has oilfield interests successful the Shetlands and owns hundreds of petrol stations, has been forced to telephone successful administrators amid mounting losses astatine the refinery.
Oil manufacture sources said an announcement was expected aboriginal connected Monday.
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One of the sources said the Official Receiver had appointed FTI Consulting to enactment arsenic peculiar manager for the Lindsey facility, with Teneo hired arsenic head for the remainder of the group.
Prax Group is owned by Sanjeev Kumar Soosaipillai, who besides acts arsenic its president and main executive, according to its website.
The situation astatine the Lindsey refinery, which is located connected a 500-acre tract 5 miles from the Humber Estuary, echoes that astatine Britain's dwindling fig of lipid refineries.
According to the company, the tract has an yearly accumulation capableness of 5.4m tonnes, processing much than 20 antithetic types of crude including petrol, diesel, bitumen, substance lipid and aviation fuels.
The refinery, which was bought from France's Total successful 2020, is understood to person go a increasing drain connected currency crossed the wider Prax Group, with which it has cross-guarantees.
It was unclear connected Monday greeting whether bidders mightiness measurement successful to salvage immoderate of the company's assets, though determination are apt to beryllium buyers for galore of its substance retailing and oilfield assets.
Prax Group besides bought its West of Shetland lipid assets from Total aft a woody struck past year.
Prax Group could not beryllium reached for comment, portion FTI Consulting, Teneo and the Official Receiver person each been contacted for comment.
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