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London - Murphy Oil has agreed to sell its Milford Haven refinery in Wales to oil entrepreneur Gary Klesch, the local member of parliament told a regional newspaper.
Stephen Crabb, MP for the area in south west Wales where the refinery is located, told the Western Telegraph that he was "delighted with the breakthrough in negotiations over the sale of the Murco oil refinery in Milford Haven."
The plant is currently not buying crude oil, but recycling oil products to keep it operational.
Murphy started a 45-day consultation period in April with staff and unions, which it has left open since it lapsed in May.
A source said that any deal would likely value the plant at close to zero, but any sum paid for the plant would include oil inventories.
The Klesch Group is a global industrial commodities business, with three divisions specialising in the production and trading of chemicals, metals and oil.
