The sale of Murco’s Milford Haven refinery has been confirmed while Murphy Oil Corporation is also close to a deal on its network of petrol stations. The company announced last Thursday that its wholly-owned subsidiary, Murco Petroleum had signed an agreement to sell its Milford Haven refinery and terminal assets to Klesch Refinery. The price of the deal was not disclosed.
It added that a separate transaction for the sale of Murco’s UK retail business is at an advanced stage.
Klesch said in a statement: "We look forward to using our considerable industry expertise to return the site to profitable growth. By taking a long-term investment view we aim to secure the future of this refinery for its employees and the broader community."
Although it has not been confirmed, the owner of Top 50 Indie Motor Fuels Group (MFG) is believed to be in talks to buy the 228 filling stations owned by Murco.
Private equity group Patron Capital, which bought MFG in 2012 and a further portfolio of 54 Murco filling stations last year, is in negotiations over a deal worth around £200m.
In January 2012 Patron Capital Partners teamed up with Aberdeen oil tycoon Alasdair Locke and paid £40m for MFG, then one of the largest independent petrol station groups in the UK, and currently ranked fourth in the Forecourt Trader Top 50 Indies.
At the time of the deal for MFG, Locke said his plan was to build a portfolio of 200 petrol stations.
And in August last year the two parties teamed up again to buy a portfolio of 54 Murco sites.