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Oil refinery woes raise concern in Westminster over financial backers
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The panic-buying of petrol and diesel that gripped Britain in September served as an unwelcome reminder of how disruption to supplies can rapidly escalate into crisis. But while the long queues on forecourts have gradually receded, concerns persist about the finances of refineries supplying about 25% of fuel.
Financial difficulties afflicting two of the UK’s remaining oil refineries have raised concerns in government about their little-known ties to a Kremlin-allied oil business and a commodities trading house under investigation for corruption, the Guardian understands.
Prax Lindsey oil refinery in north Lincolnshire swung from a £1.9m profit to a £228m loss in the year to February 2021, hurt by the Covid pandemic crushing demand for fuel,
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