Refinery Economics on the Brink of Bankruptcy Artwork

Wolfe Power Club Podcast

Hosted by experienced Energy Director, Alex Wolfe, the Wolfe Power Club Podcast is where the world’s most critical energy debates come to life. Every Wednesday, we gather leading voices from industry, business, and government to tackle the challenges and opportunities shaping the global energy transition.

Born from frustration with oversimplified narratives, Wolfe Power Club aims to cut through noise and deliver dynamic, solution-focused dialogue. From breakthroughs in sustainable aviation fuel and record years in nuclear trading, to diversity in leadership, we navigate the energy trilemma. Our conversations bring insight, authority and clarity to one of the world’s most vital industries.

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Wolfe Power Club Podcast

Refinery Economics on the Brink of Bankruptcy

August 27, 2025 • Alex Wolfe • Season 1 • Episode 57

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)

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Season Two is in Partnership with The Spectator

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