U.S. entrepreneur Gary Klesch is buying the Milford Haven oil refinery on the coast of Wales, safeguarding around 450 jobs and betting an ailing European refining industry can only move up.Klesch agreed on Thursday to purchase the 135,000 barrels per day refinery from Murphy Oil for an undisclosed sum, and vowed to restart operations at the struggling plant.The announcement followed more than two years of failed attempts by Murphy to sell its British refining and retail business and as many other European refiners face huge losses amid increasing overseas competition.But Klesch, a seasoned investor credited with bringing distressed debt investing - or "vulture capitalism" as it is described by some of its critics - across the Atlantic, is confident now is the time to invest.
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 fell by 4.8% or $-3.2/share to $63.52. In the past year, the shares have traded as low as $54.67 and as high as $68.43. On average, 1248490 shares of MUR exchange hands on a given day and today's volume is recorded at 2130092.
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