UK Refinery Faces Liquidation After Husband-and-Wife Team's Acquisition Ends in Failure

The UK's Lindsey oil refinery, owned by Prax Lindsey Oil Refinery Ltd., has been liquidated after a husband-and-wife team with no refining experience took over in 2020. The facility, which supplies 7% of the UK's fuel consumption, has accumulated £501 million in losses since its sale by TotalEnergies SE. The liquidation is disrupting supply chains and pressure on the UK's shrinking refining system, and may lift demand for imported fuel.