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Friday, March 13, 2015

Puma Energy buys UK's Milford Haven refinery for storage, (NYQ: MUR)

Puma Energy has bought the Milford Haven oil refinery in Wales and the other UK assets of Murphy Oil Corporation, Puma said in a statement on Friday, with plans to turn the Welsh site into a storage terminal.Puma Energy, which is part-owned by Swiss-based commodity trading giant Trafigura and Angola's national oil company, said it would purchase the Milford Haven facility and the wholesale energy sales business and three inland terminals owned by Murphy's UK subsidiary, Murco.A deal to keep Milford Haven operating as an oil refinery collapsed in November, putting 450 jobs at risk. Puma said it would welcome "all the terminal and distribution employees", as part of the acquisition."The company will acquire the assets and convert the site into a state-of-the-art storage facility," Puma said in a statement. "(Puma) will make Milford Haven a key site securing the supply of energy to the UK and wider region."

Murphy Oil Corporation (Murphy) is an oil and gas exploration and production company. Shares of MUR fell by 1.47% or $-0.685/share to $45.90. In the past year, the shares have traded as low as $42.19 and as high as $68.43. On average, 2007740 shares of MUR exchange hands on a given day and today's volume is recorded at 511803.