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Phillips 66 buys Prax Lindsey refinery, keeps 250 jobs temporarily, integrates assets into Humber Refinery, and will create construction jobs.
Phillips 66 has agreed to acquire the defunct Prax Lindsey oil refinery, but will not restart standalone refining due to economic unviability.
Instead, key assets like storage facilities will be integrated into its nearby Humber Refinery.
Around 250 employees will keep their jobs until the end of March, though no specific post-sale staffing numbers have been guaranteed.
The acquisition, supported by the UK government and deemed the most credible bid by Energy Minister Michael Shanks, is expected to create hundreds of construction jobs over the next five years and strengthen fuel supply.
The Lindsey site is one of only five major UK refineries remaining.
Phillips 66 compra la refinería Prax Lindsey, mantiene 250 empleos temporalmente, integra activos en Humber Refinery y creará empleos en la construcción.