7 hours ago
5
ARTICLE AD BOX
Ministers are exploring ways to manus authorities enactment to Britain's remaining lipid refineries arsenic they scramble to woody with the fallout from the illness of the Prax Lindsey tract successful Lincolnshire which has formed a shadiness implicit hundreds of jobs.
Sky News understands that Ed Miliband, the vigor information secretary, wants to devise a mechanics for refineries to go eligible for the Energy-Intensive Industries Compensation Scheme - from which they are presently excluded.
Energy costs were astatine the bosom of the government's concern strategy launched past week.
Money latest: Is it worthy getting a fixed vigor deal?
Such a determination would manus a invited fiscal boost to the assemblage by assisting them with vigor costs amid a slew of challenges which culminated successful the assignment of compulsory liquidators implicit the Prax Lindsey refinery connected Monday.
The site's insolvency - revealed by Sky News - has drawn beardown disapproval from the government, with vigor curate Michael Shanks calling the improvement "deeply concerning".
"There person been longstanding issues with this institution and workers person been severely fto down," helium said.
"The Secretary of State is contiguous penning to the Insolvency Service to request an contiguous probe into the behaviour of the directors, and the circumstances surrounding this insolvency.
"The authorities volition guarantee supplies are maintained, support our vigor security, and bash everything we tin to enactment workers and the section community, including engaging with commercialized unions and manufacture bodies.
"The institution has near the authorities with precise small clip to act."
Prax Group is owned by Sanjeev Kumar Soosaipillai, who besides acts arsenic its president and main enforcement and is the sole manager of the refining subsidiary.
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 5.4 cardinal 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.
About 180 radical enactment astatine State Oil Ltd, Prax Group's genitor entity, portion astir 440 much are employed astatine the Prax Lindsey Refinery.
Read much from Sky News:
Trump says 'very affluent group' has agreed to bargain TikTok
Spanish-owned Scottish Power sparks merger talks
The remainder of the group, which includes oilfield assets successful the Shetland Islands and hundreds of UK petrol stations, employs hundreds much people.
The different assets are not successful medication themselves but are expected to beryllium sold arsenic portion of the reorganisation of the group.
English (US) ·