An investment group led by Marc Amram has suggested a cooperative venture with the government to take control of the Lindsey Oil Refinery in North East Lincolnshire, which entered administration in June. The proposed strategy entails rescuing 420 jobs and ensuring the ongoing operation of a key energy facility at no cost to the taxpayer. Private equity is slated to fund the revival of the refinery, while government retains ownership. The consortium maintains that such an approach will safeguard employment, bolster national energy security, and offer a tenable template for the modernisation of UK’s energy sector. North Lincolnshire Council has in the past implied that shutting down the facility would necessitate a costly remediation programme spanning 30 years. The Official Receiver is in charge of supervising the bid process with aspirations for a resolution by late October. Currently, it is predicted that 255 employees will stay on at the refinery, while 125 workers have been issued redundancy notices in the previous month.
This narrative was adapted by The Lincoln Post from the original report by www.bbc.com.
