Independent oil business Prax Group has successfully extended its financial backing with some of the biggest global banking names.
The owner of Lindsey Oil Refinery, which has just bought exploration company Hurricane Energy, has now shored up its $1 billion securitisation facility.
Agreements, amended to include overseas group companies, now stretch to late February 2025, with HSBC, Citi, JP Morgan Chase, Royal Bank of Canada and NordLB underwriting as note purchasers.
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Ben Lahnstein, chief financial officer at Prax, said: "This certainty of funding provides us with a solid platform from which to execute our growth strategy, enabling us to implement our future objectives. The extension and amendment of our existing securitisation facility, particularly amidst the backdrop of the current economic environment, serves to highlight the strength of our business model, and the confidence that our securitisation banks have in our management team, our vision for the future, and our strategy for achieving this.
“We are very appreciative of their continued support in providing this commitment to the group.”
Swiss, Singaporean and US entities are now included in the amended agreement.
The addition of Hurricane brought complete integration across the industry, as it added to its refining, storage, distribution and sales activity, two years on from the deal for LOR as it strategically headed further upstream.
It comes after plans were revealed earlier this year for major carbon capture additions to clean up the North Killingholme refinery.
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