Parent company of Prax, owner of UK's Lindsey oil refinery, in administration

LONDON, June 30 (Reuters) - State Oil Limited, parent company of the 113,000 barrel per day Lindsey oil refinery, has begun insolvency proceedings and been placed under administration by Britain's High Court, Management consultancy Teneo said on Monday.

State Oil is the parent entity of Prax Group which owns the Lindsey refinery.

Teneo has been appointed as administrator of State Oil, Teneo said on Monday, adding that separate proceedings have been initiated for the Lindsey refinery, with staff remaining in place and being paid.

"On 30 June 2025, the High Court appointed the Official Receiver as Liquidator, appointed Special Managers from FTI Consulting LLP to assist the Liquidator in ensuring the continued safe operation of the site," Teneo said.

Joint Administrator Clare Boardman, of Teneo, said that all options would be considered, including a sale of Prax's upstream business and retail operations in the UK and Europe, all of which remain outside of insolvency.

Prax's upstream business consists of the Lancaster oilfield in the British North Sea, a geologically complex project which has been in an early production phase for years.

It also runs more than 200 retail fuel sites in Britain.