PRAX LINDSEY OIL REFINERY LIMITED
Company number: 00564599
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
18 August 2021
Approved by:
Winston Sanjeevkumar Soosaipillai
Payment statistics
Average time taken to pay invoices: 20 days
Invoices paid:
- within 30 days: 83%
- in 31 to 60 days: 14%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 52%
Payment terms
Shortest standard payment periods
17 days
Longest standard payment period
30 days
Standard payment terms
Crude Oil Purchases 17 Days Other Hydrocarbon Purchases 17 Days Non Hydrocarbon Purchases 30 Days
Were there any changes to the standard payment terms in the reporting period?
Crude oil & other hydrocarbon terms have changed in line with new contractual agreements
Were suppliers notified or consulted about these changes before they were made?
Terms were changes are part of contractual negotiations
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
The company remain committed to paying undisputed invoices within agreed terms. Payment performance KPI are followed up by the Group CEO on a monthly basis and action plans are defined and implemented to ensure suitable performance is maintained.
Dispute resolution process
The entity aims to resolve any dispute through mediation with their counterpart. This process is driven by the accounts payable team. Where necessary, outstanding disputes are escalated to the Head of Department and Senior Management.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No