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Phillips 66 to acquire UK Lindsey Oil Refinery assets
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Report summary
Phillips 66 (P66) has agreed to acquire the assets of the insolvent Lindsey Oil Refinery (LOR) from the Prax Group. P66 will not restart refining, citing LOR's lack of standalone viability. Instead, the deal secures critical "plumbing"—tanks, pipelines, and terminals—to be integrated into the adjacent P66 Humber Refinery. While LOR faced closure due to its simple configuration, its value to P66 is immense. The deal creates a regional hub with key synergies.
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