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Friday, March 13, 2015

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

The shuttered Milford Haven oil refinery in Wales will be turned into a storage site by Puma Energy, as the firm co-owned by Swiss commodity giant Trafigura and Angola's state oil company looks to capitalise on Britain's growing need for fuel imports.Puma Energy bought the plant and three inland storage terminals from Murphy Oil as the U.S.-based firm winds down its UK subsidiary, Murco, after suffering from weak demand and growing international competition from newer refineries.The raft of refinery closures in Britain in recent years has left it increasingly reliant on shipping in fuel from overseas, with net imports of petroleum products tripling last year. That is creating opportunities for storage and distribution firms."(Puma) will make Milford Haven a key site securing the supply of energy to the UK and wider region during a period of change in European energy infrastructure," Puma said on Friday.

Murphy Oil Corporation (Murphy) is an oil and gas exploration and production company. Shares of MUR fell by 0.62% or $-0.29/share to $46.30. 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 773944.