Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited, and Prax Terminals Killingholme Limited - Liquidation | State Oil Limited - Administration

Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited, and Prax Terminals Killingholme Limited, which own and operate an oil refinery plant in Immingham, North East Lincolnshire, were placed into liquidation on 30 June, with Official Receiver Gareth Allen appointed as liquidator, and Matthew Callaghan, Andrew Johnson, Joanne Hewitt-Schembri and Samuel Ballinger of FTI Consulting appointed as special managers to assist the Official Receiver with the liquidations.

Their parent company, State Oil Limited, entered administration on the same day, with Clare Boardman, Matthew Roe and Paul Meadows of Teneo appointed as joint administrators.

The Prax companies employ about 420 people, while State Oil employs 182 staff and owns 190 petrol stations in the UK and hundreds more across Europe.

A few weeks ago, the company’s Grangemouth refinery stopped processing oil.

The Government is funding the Official Receiver while State Oil’s administrators consider all options for the group, including potentially selling the group's upstream business and retail operations in the UK and Europe, all of which remain outside of insolvency.

Glas Trust Corporation and Natixis have registered charges against State Oil, while Glencore Energy UK and Raiffeisen Bank International AG have registered charges against certain of the Prax companies.