Oil and gas group Murphy Oil said it could shut down its Milford Haven refinery in Wales after talks with a private equity suitor fell through.
The company’s UK subsidiary Murco was in advanced negotiations with private equity firm Greybull to sell the plant and other assets in a $500m deal, which was expected to be completed this month, said Reuters.
“The deal we were trying to conclude didn’t happen during the exclusivity period that we had extended to March 31. As a consequence, having missed several deadlines up to that point, we decided to allow that exclusivity to expire which allows us to talk to other people,” Murco managing director Tom McKinlay told Reuters.
He added that “for over three years, we have left no stone unturned in trying to find a buyer for the plant.”
McKinlay said that the plant could be turned into a storage terminal.
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