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The winning bidder for one of the country's last remaining oil refineries has said it does not plan to restart fuel production at the site and cannot guarantee how many jobs will be retained.
It was announced on Monday that Phillips 66, which already owns the Humber Refinery in north-east Lincolnshire, had agreed a deal to buy the nearby Prax Lindsey refinery assets.
The Prax Lindsey refinery was wound up from June last year with the loss of 125 jobs after its parent firm called in administrators.
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Government support meant that a total of 250 other workers were retained until at least the end of March, to allow for the conclusion of a sale.
Phillips 66 said its investment would support hundreds of jobs, though it offered no direct commitment to keep on the retained workforce beyond March.
"Following a thorough assessment undertaken during the bid process, the company has decided to not restart standalone refinery operations at the Lindsey Oil Refinery," it said in a statement.
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"Due to the limitations of its scale, facilities, and capabilities, evaluations have shown that the refinery is not viable in current form.
"Once completed, the acquisition and strategic investment will increase the company's ability to supply the UK market from the Humber Refinery, boost UK energy security, and support hundreds of well-paid, high-quality jobs through site operations and future investment.
"When integrated with the Humber site, the storage and other infrastructure assets will enhance Humber Refinery operations, improve fuel supply to UK customers, and drive future growth opportunities for renewable and traditional fuels."
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Paul Fursey, Phillips 66 UK lead executive added. "We recognise and deeply sympathise with how difficult the closure of the site has been for the workforce and the local community.
"This sale is the best way forward to secure jobs, bolster the local economy, and encourage investment in the region."
Last year's shutdown of the Lindsey refinery left the UK with just four fuel refineries, leaving the country at the mercy of fuel imports to secure supply, particularly in Scotland.
Energy minister Michael Shanks said Phillips 66 was the "most credible bidder" in the process to find a buyer.
"This agreement marks the next step in securing an industrial future for the Lindsey site and the workers, who were badly let down by their former owners," he said.
"Phillips 66 is an experienced and credible operator, and today's sale agreement allows them to quickly expand operations at its neighbouring refinery, with all remaining staff guaranteed employment until the end of March.
"This will expand the company's ability to supply fuel to UK customers, boosting domestic energy security and securing jobs - including hundreds of new construction jobs over the next five years."
