Published by Global Banking & Finance Review®
Posted on July 21, 2025
1 min readLast updated: January 22, 2026
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Lindsey oil refinery in Britain will close after failing to find a buyer, following Prax's insolvency. The energy minister confirmed the winding down of operations.
LONDON (Reuters) -Britain's insolvent Lindsey oil refinery will close down after no buyers were found for the site, energy minister Michael Shanks said in a statement on Monday.
"After a thorough process to determine whether a sale was possible, no credible offers have been made to purchase the entire refinery, and it will be winding down operations," Shanks said.
The refinery was placed into the hands of an official receiver after its owner Prax fell into insolvency at the end of last month.
(Reporting by Robert HarveyEditing by Tomasz Janowski)
Insolvency is a financial state where an individual or organization cannot meet its debt obligations when they are due. It often leads to bankruptcy proceedings to resolve outstanding debts.
A refinery is an industrial facility where crude oil is processed and transformed into useful products such as gasoline, diesel, and other petrochemicals.
A buyer is an individual or entity that purchases goods or services. In finance, buyers can also refer to investors acquiring assets or securities.
A financial crisis is a situation in which the value of financial institutions or assets drops rapidly, leading to a loss of confidence and potential economic downturn.
The UK economy refers to the economic system of the United Kingdom, characterized by a mixed economy with significant service, manufacturing, and financial sectors.
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