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Sunday, June 29, 2014

Murphy Oil agrees to sell UK's Milford Haven refinery to Klesch-MP, (NYSE: MUR)

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. "I am delighted with the breakthrough in negotiations over the sale of the Murco oil refinery in Milford Haven," Stephen Crabb, MP for the area in south west Wales where the refinery is located, told the Western Telegraph.Murphy was unable to provide an immediate response to the report.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.

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 0.8% or $0.53/share to $66.68. In the past year, the shares have traded as low as $52.06 and as high as $67.07. On average, 1373690 shares of MUR exchange hands on a given day and today's volume is recorded at 1263982.