Upstream
Prax Upstream was set up to integrate and complement the other businesses of the Group.
We are in a transformative era in the oil and gas sector and our primary objective revolves around fulfilling the energy requirements of the UK and operating in a sustainable manner. We are committed to responsibly optimise production, while prioritising safety and sustainability.
We acquired Hurricane Energy as a first step in our development as we value the Lancaster field and its team of specialists with experience across the disciplines of geology, engineering and offshore operations.
Global Integrated Supply & Optimisation
In a fragmented market where no single company has a dominant position, the Prax Group has a global presence. It is actively involved in all of the major markets and is one of the largest suppliers of petroleum products in the UK.
Our marketing and supply teams closely track the geographic price differentials between different grades of commodities, with the aim of identifying arbitrage opportunities that make it profitable to move shipments around the world and blend them when it is economically advantageous to do so.
We blend components in order to to cater to specific market demands. These components are sourced from varied and disparate counterparties. Our physical integrated supply and optimisation business is underpinned by our team’s expertise in sourcing crude and petroleum products from different regions and maintaining inventory stocks in tanks strategically situated around the globe. These activities complement and support our downstream business division.
Integrated Supply & Financial Risk Management
Our highly experienced risk management team continues to use derivatives to minimise our exposure to market movements and also offers this service to customers. The provision of this service has helped us to develop closer relationships with counterparties whilst simultaneously increasing revenues.
Terminals
As part of a strategy that complements our integrated supply and optimisation business, we have acquired strategic storage assets, and we own and successfully operate fuel terminals. We have made substantial investments in these assets and their systems to enhance productivity. The acquisition of further strategic storage assets is a key element of our strategy, which will provide us with the power to maximise market movements and exploit arbitrage opportunities, and will provide synergies between our downstream and integrated supply and optimisation divisions.
Prax Lindsey Oil Refinery
Prax Lindsey Oil Refinery, located in North Lincolnshire in the United Kingdom, is a world-class supplier of quality fuels. Constructed in 1968, it has the capacity to process up to 5.4 million tonnes of crude oil per year (113,000 barrels a day).
The refinery extends over 500 acres and incorporates some of the most advanced refining and conversion processes in Europe.
Downstream Divisions
The Prax Group has invested in downstream businesses – Aviation, Marine, Industrial & Commercial and Retail – and these divisions operate under the Harvest Energy brand. In Europe, the Group’s Retail business operates under the OIL! brand. For more information on our downstream marketing and distribution businesses, please click here.
Axis Logistics
Axis Logistics manages the road tanker logistics operations of the Prax Group of companies, offering our customers safe and reliable deliveries that are competitively priced. For more information, please click here.