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Tuesday, November 4, 2014

Klesch deal on Milford Haven refinery annulled, (NYSE: MUR)

The sale of the Milford Haven refinery and terminal assets to Klesch Refining Limited has been cancelled, according to a statement by Murco Petroleum, a subsidiary of the U.S.-based Murphy Oil Corporation."The parties are not engaged in further discussions," the statement added.Sources familiar with the matter said earlier on Tuesday that Gary Klesch and Murphy Oil had extended a deadline to later this week to negotiate the U.S. oil entrepreneur's purchase of the Milford Haven refinery in Wales for an undisclosed amount.One source said that an Oct. 31 deadline had been missed and that an announcement on the future of the plant would be made this week. The 135,000 barrel per day refinery employs about 450 people and refines gasoline, diesel, fuel oil, jet fuel, LPG and propylene.

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 2.29% or $-1.2/share to $51.24. In the past year, the shares have traded as low as $49.38 and as high as $68.43. On average, 1408100 shares of MUR exchange hands on a given day and today's volume is recorded at 1503581.