In administration is the parent company of Prax, which owns UK's Lindsey refinery.

Teneo Management Consulting said that State Oil Limited (parent company of Lindsey Oil Refinery) has been placed under administration and insolvency proceedings by the British High Court.

State Oil is owned by Prax Group, which also owns the Lindsey Refinery.

Teneo announced on Monday that it has been appointed administrator of State Oil. Separate proceedings have also been initiated to pay the Lindsey Refinery's staff, who will remain in their current positions.

Teneo stated that "On 30th June 2025 the High Court appointed Official Receiver as the Liquidator and appointed Special Managers of FTI Consulting LLP in order to assist the Liquidator with ensuring continued safety operation of the site."

Clare Boardman of Teneo said that the joint administrator would consider all options, including selling Prax's retail business in Europe and the UK, which are all outside of insolvency.

The Lancaster oilfield, located in the British North Sea and a geologically complicated project that has been in its early production phase for many years, is the upstream business of Prax.

The company also operates more than 200 retail petrol stations in Britain. Reporting by Shadia Naralla, Editing by Louise Heavens & David Goodman

(source: Reuters)