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Friday, October 10, 2014

EU regulator approves Klesch purchase of Milton Haven refinery, (NYSE: MUR)

EU regulators cleared U.S. entrepreneur Gary Klesch's purchase of the Milford Haven oil refinery on the coast of Wales, the European Commission said in a statement on Friday.Klesch agreed in July to purchase the 135,000 barrels per day refinery from Murphy Oil for an undisclosed sum and said the struggling plant would restart operations.It refines gasoline, diesel, fuel oil, jet fuel, LPG and propylene, as does the Heide Refinery in Germany, also owned by the Klesch Group.But the European Commission, the EU executive, concluded there would be no antitrust concerns as any overlap was limited and the Milford Haven refinery would face strong competition from other players.

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 2.86% or $-1.59/share to $53.91. In the past year, the shares have traded as low as $53.71 and as high as $68.43. On average, 1223420 shares of MUR exchange hands on a given day and today's volume is recorded at 2584228.