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Murphy Oil may close UK refinery if no buyer found

04.03.2014  | 

The company and its UK unit plan talks with a “small number of interested parties, which may or may not lead to allowing the refinery to continue to operate,” the company said in a statement.

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By NIDAA BAKHSH and KONSTANTIN ROZHNOV
Bloomberg

Murphy Oil may close its UK refinery if it fails to find a new buyer after talks collapsed with the latest candidate in a three-year hunt for an acquirer.

The company and its UK unit plan talks with a “small number of interested parties, which may or may not lead to allowing the refinery to continue to operate,” the El Dorado, Arkansas-based company said in an e-mailed statement.

The plant, with capacity to process 135,000 bpd of oil, may be the third in the UK to close in five years as cheaper facilities in Asia squeeze margins from refining fuels such as gasoline and diesel. Murphy Oil was in advanced talks with a potential buyer for the UK business, it said March 17.

The company entered into a “period of consultation” with workers at the Milford Haven refinery in Wales, it said today.

Murphy Oil said in January 2012 that it may convert the site into a storage or import terminal. A year earlier, it had expanded the refinery from 108,000 bpd.

The UK's Coryton refinery in the south and Teesside plant in northern England, owned by the now-bankrupt Petroplus Holdings, were converted to storage as no buyers ready to continue oil-processing operations there emerged. The possible closing of Milford Haven would leave the UK with six crude-processing plants.



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jean robert
04.05.2014

TOTAL sold his refinery shares on 2006 to Murco.According to its present scheme and market prices ,it is quite impossible to make it profitable.Modification into a storage is the best option Murco can take now.This was the fate of several refineries in France during these past 20 years

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