Lindsey Oil Refinery is being sold to multinational oil company Prax Group.
Current owner Total said today that the deal would bring new investment to the 52-year-old refinery - while Prax said it was committed to the plant's workforce and would integrate the site into its 海角视频 network.
Prax has 950 employees across seven countries, from upstream services finding oil and gas through to transporting, refining and selling fuels under the Harvest Energy brand.
Prax says the Lindsey deal "will place the refinery at the heart of the Prax Group’s strategic network". The deal is set to complete before the end of the year and includes the refinery as well as the Finaline pipeline and the Killingholme loading terminal.
The refinery employs around 400 people with around 350 contractors currently working on site.
Sanjeev Kumar, CEO of the Prax Group, said: “The Prax Group’s long-term strategy is to be fully integrated across the oil value chain from upstream to downstream.
"Acquiring Lindsey Oil Refinery is a natural progression for the Prax Group, providing the opportunity to integrate the refinery and associated product flows into the company’s 海角视频 distribution and retail footprint, which operates under the Harvest Energy brand.
"We look forward to continuing to provide a secure supply of energy to new and existing customers.”
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Mr Kumar added: “We are committed to all Lindsey Oil Refinery employees, who are a key element for the future success of the refinery.”
Total, which in 2015 carried out a major investment at the site, said the Prax Group was "a long-standing and trusted partner of Total".
It said: "The acquisition will bring new investment to the refinery and underlines the Prax Group’s determination to support the local economy and the wider community."
Thomas Behrends, general manager of Lindsey Oil Refinery, said: "Since selling our British retail network in 2011, the Lindsey Oil Refinery has not been part of Total’s downstream system.
"With this agreement to sell, the refinery will be at the heart of the Prax Group’s 海角视频 network and it will be able to add value more easily.
"We are proud of the team and the work we have accomplished together.”