The Official Receiver has reached a take care of the commodities buying and selling large, Glencore, that can guarantee provides of crude oil to the ailing Lindsey refinery following its proprietor’s collapse this week.
Additional particulars of the association had been unclear.
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The deal gives a short lived lifeline to the Lindsey refinery in Lincolnshire whereas the OR and particular supervisor FTI Consulting race to safe the positioning’s long run future.
The plant – one among solely a handful of oil refineries nonetheless working within the UK – was owned by Prax Group, whose predominant subsidiary, State Oil, and different entities collapsed into insolvency proceedings on Monday.
Prax Group, which additionally spans oilfield exploration and gasoline retailing, is owned by a husband-and-wife workforce whose conduct is now the topic of an Insolvency Service investigation.
Ed Miliband, the vitality safety secretary, ordered the probe after the federal government was left blindsided by Prax’s monetary woes.
Business sources are sceptical {that a} purchaser will likely be discovered for Lindsey, which might put lots of of jobs in danger.
Glencore has safety over crude oil equipped to the positioning, though the distribution of completed product is now the duty of the OR.
Glencore declined to remark, whereas the OR couldn’t be reached
