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Talks nearing conclusion on Murco sale

26 June, 2014

Negotiations about the sale by Murphy Oil of its Murco business in the UK, including its Milford Haven oil refinery, are in the final stages according to a number of reports.

According to Reuters oil entrepreneur Gary Klesch was in the final stages of exclusive talks with Murphy Oil and a decision on a deal would be made this week or early next week at the latest.

Neither the Swiss-based Klesch Group or Murphy Oil would comment.

Meanwhile Welsh newspapers quoted Wales Office minister Stephen Crabb as saying talks were coming to a head.

If a deal is not done, it is expected that Murphy will move to close the Milford Haven plant, putting most of its some 500 employees out of work. The plant is currently not buying crude oil, but recycling oil products to keep it operational.

Murphy has been seeking to sell the Murco business for more than three years and was close to a deal with a private equity fund in March before talks broke down.

It then started a 45-day consultation period in early April with staff and unions about closure of the oil refinery, but this was left open when it elapsed in May.

Last month Tom McKinlay, head of Murphy Oilís UK operations, told staff he was taking a leave of absence to work on a management takeover.

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Weekly retail fuel prices: 19 August 2019
RegionDieselLPGSuper ULUL
East Midlands132.1066.40141.37129.07
North East130.85144.25128.58
North West131.60139.66128.82
Northern Ireland129.13134.50126.35
South East132.8662.50141.62129.81
South West132.24138.89129.06
West Midlands131.8660.90141.24128.98
Yorkshire & Humber131.40140.49128.65

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