The owner of Lindsey Oil Refinery has bought exploration and production company Hurricane Energy in what it describes as a significant step to becoming a fully integrated operator.
Prax Group has announced the completion of the strategic acquisition of a business that holds a 100 per cent operated interest in the Lancaster offshore oil field in the West of Shetland.
Having been listed on the AIM-market, and valued at £250 million, the 19-year-old business adds to the refining, storage, distribution and sales divisions, and is said to be a natural progression.
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Welcoming the expertise and infrastructure the deal brings, as well as enabling the continued exploration of new business opportunities, Prax Group chair Sanjeev Kumar Soosaipillai, said: "Our long-term strategy is to be fully integrated across the oil value chain from upstream to downstream, and today marks the beginning of a new chapter for the Prax Group. The acquisition of Hurricane Energy is a natural progression for the group, and will create unique opportunities for synergies with existing Prax-owned assets, as well as demonstrating our ongoing commitment to building a solid and transformative supply chain to meet the needs of our customers for many years to come.
“The acquisition of Hurricane is a very significant moment in the group's history and a major leap forward towards achieving our goal of becoming a fully integrated global energy provider."
Prax swooped for the North Killingholme refinery in 2021, buying from Total. London-headquartered it also has offices in Houston and Singapore.
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