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Thursday, June 26, 2014

Klesch decision on Murphy UK refinery expected this week-sources, (NYSE: MUR)

Oil entrepreneur Gary Klesch is in the final stages of exclusive talks with Murphy Oil to purchase its Milford Haven refinery in Wales and a decision on a deal will be made this week, sources close to the negotiations said on Thursday. One source said an announcement on the future of the 135,000 barrel-per-day plant would be made by early next week at the latest.Swiss-based Klesch Group did not immediately respond to a request for comment. A Murphy spokesman declined to comment.If a deal is not done, it is expected that Murphy will move to close the 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 Oil Corporation is a worldwide oil and gas exploration and production company with retail and wholesale gasoline marketing operations in the United States and refining and marketing operations in the United Kingdom. Shares of MUR traded higher by 1.37% or $0.89/share to $65.78. In the past year, the shares have traded as low as $52.06 and as high as $67.07. On average, 1383150 shares of MUR exchange hands on a given day and today's volume is recorded at 1218365.