In this week’s episode, our host Alex explores Britain’s shrinking refinery sector, which has fallen from over 20 sites in the 1970s to just 4 today. The Prax Lindsay Oil Refinery is now closing, marking another blow to the industry. Meanwhile, the owners’ fortunes have reversed, shifting from Rich List billionaires to facing a £250 million outstanding tax bill to the UK government. Alex unpacks two decades of refinery shifts across Europe, what keeps them viable, and the real factors driving profitability.

This recent closure brings great sadness to the Wolfe Power Club as we know many of the highly skilled workers were affected. Alex has spent 20 years helping companies and organisations buy, sell and make downstream assets work. This week, we will be doing a deep dive into refinery economics. 

Credits

Stunning Evening Drone Footage Of The Lindsey Oil Refinery (Trevor Smith - YouTube)

4K Drone Refineries Port Arthur TX 60fps (TomsDs - YouTube)

Too big too fast: how $10bn UK energy challenger Prax unravelled (Financial Times)

"What Has Gone Wrong?!" | Lincolnshire Oil Refinery To Shut After Owner Goes Bust (TalkTV - YouTube)

July 2025 (Portland Fuel)

Wolfe Power Club is proud to be partnering with the Spectator Magazine to co-host their Energy Summit 2025 on November 24th. If you want to become a potential partner and have the last word on energy debates in 2025, please contact us.

Season Two is in Partnership with The Spectator

Join Alex and Michael Gove as they co-host The Spectator Energy Summit on Monday 24th November in Westminster. Book your tickets for the final word in energy debates in 2025: https://events.spectator.co.uk/#upcoming

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Wolfe Power Club Production Team

Account Manager: Emilia Donovan

Director of Government Relations: Max Austin

Designer: Nick Pelekanos

Editor: Adam Woodward

Social Media Manager: Bella Carter

Recorded at Studio 55 - that has produced Breaking the Taboo and The ABTO Podcast