Phillips 66 to acquire Britain’s Lindsey oil refinery assets

Phillips 66 said on Monday it had agreed to acquire the assets and infrastructure of Lindsey Oil Refinery in northern England, following the site's liquidation, and will integrate the key facilities into its Humber Refinery.

The U.S. refiner said after a detailed review during the bidding process, it had decided not to restart standalone operations at the British refinery as the scale, facilities and capabilities make the site unviable in its current form.

Storage and infrastructure assets from Lindsey will be integrated into the Humber Refinery complex, which will improve supply flexibility as well as support traditional and renewable fuel production, Phillips said.

This announcement follows a bidding process managed by FTI Consulting, which was appointed as special managers of the Lindsey oil refinery assets after the official receiver was named liquidator in June.

"This will expand the company's ability to supply fuel to UK customers, boosting domestic energy security and securing jobs – including hundreds of new construction jobs over the next five years," Energy Minister Michael Shanks said in a statement.

He added that the remaining staff have been guaranteed employment until the end of March this year.

The refinery was to close down after no buyers were found for the site, Shanks had said in a statement in July.