Management buyout bid for Milford Haven Refinery

Western Telegraph: Murco Milford Haven refinery. PICTURE: Western Telegraph. Murco Milford Haven refinery. PICTURE: Western Telegraph.

A TOP Murco director has stepped down as part of a planned management buyout of the Milford Haven refinery, it has been revealed today (Monday).

Murco managing Director Tom McKinlay has stepped aside to avoid a potential conflict of interest as he aims to secure a deal for the facility which employs hundreds of local staff.

The refinery has been in the news since a £300m deal for the site collapsed last month.

And the next ten days will be crucial for the future of the refinery and employees, according to a local MP.

Three buyers – including the management buyout option – are understood to be interested in the Murphy Oil-owned refinery but time is running out for a deal to be completed.

No more shipments of crude oil have been ordered into the refinery.

Preseli Pembrokeshire MP Stephen Crabb said the ‘clock was ticking,’ “There are three serious and potential buyers out there, all of whom have been talking to the UK Government and Welsh Government and our hope must be that Murphy strikes a deal with one of these parties.

“I have been growing more concerned that there’s a narrow time frame for a deal to be completed, which is why I have been speaking to Murphy senior management in Arkansas, to seek to better understand their position.

“They tell me that they remain serious about selling the refinery, and selling the plant as a functioning refinery but there are obviously serious commercial issues at play.”

Mr Crabb said he expected the next ten days to be crucial.

The Welsh Government has set up a task force to try to prevent the closure and protect 400 jobs.

Comments (7)

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8:48pm Mon 19 May 14

chizy says...

Stay out of it Mr Crabb and stop wringing your hands.
It would appear Tom McKinlay is actually doing something rather than just talking about it. Him stepping aside is a massive professional sacrifice for the sake of the plant and it's workers.
Does the honourable elected representative fully understand how much of a massive impact this will have on the area? I'm old enough to remember Esso,Gulf, the power station and the mine depot going and the negativity it brought to the area. Murco going won't only hurt the staff,it's the ripple effect to the whole area.
Hope Mr McKinlay is able to pull something out of the bag.
Sorry to rant but politicians do my head in ;)
Stay out of it Mr Crabb and stop wringing your hands. It would appear Tom McKinlay is actually doing something rather than just talking about it. Him stepping aside is a massive professional sacrifice for the sake of the plant and it's workers. Does the honourable elected representative fully understand how much of a massive impact this will have on the area? I'm old enough to remember Esso,Gulf, the power station and the mine depot going and the negativity it brought to the area. Murco going won't only hurt the staff,it's the ripple effect to the whole area. Hope Mr McKinlay is able to pull something out of the bag. Sorry to rant but politicians do my head in ;) chizy
  • Score: 14

10:06pm Mon 19 May 14

Tidylike says...

I would NEVER vote for the Tories in a general election but Stephen Crabb has been involved with negotiations from the start and I'm pretty sure he realises the impact it would have if it were to close. I'm also not naive enough to think that Tom McKinlay is looking to save the plant for the benefit of the workers. I hope that whoever buys in to MHR is in it to make a go of things and not get the workers hopes raised only for jobs to be under threat again in the near future.
I would NEVER vote for the Tories in a general election but Stephen Crabb has been involved with negotiations from the start and I'm pretty sure he realises the impact it would have if it were to close. I'm also not naive enough to think that Tom McKinlay is looking to save the plant for the benefit of the workers. I hope that whoever buys in to MHR is in it to make a go of things and not get the workers hopes raised only for jobs to be under threat again in the near future. Tidylike
  • Score: -5

5:11pm Tue 20 May 14

Gogledd says...

chizy wrote:
Stay out of it Mr Crabb and stop wringing your hands.
It would appear Tom McKinlay is actually doing something rather than just talking about it. Him stepping aside is a massive professional sacrifice for the sake of the plant and it's workers.
Does the honourable elected representative fully understand how much of a massive impact this will have on the area? I'm old enough to remember Esso,Gulf, the power station and the mine depot going and the negativity it brought to the area. Murco going won't only hurt the staff,it's the ripple effect to the whole area.
Hope Mr McKinlay is able to pull something out of the bag.
Sorry to rant but politicians do my head in ;)
Yes, they never fully appreciate the situation only from a safe distance. They never seem to be able to see the bigger picture.
[quote][p][bold]chizy[/bold] wrote: Stay out of it Mr Crabb and stop wringing your hands. It would appear Tom McKinlay is actually doing something rather than just talking about it. Him stepping aside is a massive professional sacrifice for the sake of the plant and it's workers. Does the honourable elected representative fully understand how much of a massive impact this will have on the area? I'm old enough to remember Esso,Gulf, the power station and the mine depot going and the negativity it brought to the area. Murco going won't only hurt the staff,it's the ripple effect to the whole area. Hope Mr McKinlay is able to pull something out of the bag. Sorry to rant but politicians do my head in ;)[/p][/quote]Yes, they never fully appreciate the situation only from a safe distance. They never seem to be able to see the bigger picture. Gogledd
  • Score: -3

5:13pm Tue 20 May 14

Gogledd says...

I hope they pull it off but the negative side of me believes that once the management have to buy it out its a no goer. If it was worth saving then the big boys would want it. Sorry but thats how I see it.
I hope they pull it off but the negative side of me believes that once the management have to buy it out its a no goer. If it was worth saving then the big boys would want it. Sorry but thats how I see it. Gogledd
  • Score: 7

5:24pm Tue 20 May 14

Tttoommy says...

What if anything has Bryn done in this issue ?
What if anything has Bryn done in this issue ? Tttoommy
  • Score: -8

7:30pm Tue 20 May 14

Bluestone says...

That's it boys talk it down....you people make me sick!!
That's it boys talk it down....you people make me sick!! Bluestone
  • Score: 0

8:25pm Tue 20 May 14

Welshman23 says...

I hope the management team pull off the MBO, just for the sake of safeguarding jobs. Good Luck
Stephen Crabb is on the case god help us, he has been mute on the going ons at the Kremlin.
How many people in the Kremlin have close family working in Murco, this may determine if any monies would be made available.
How about a Pembrokeshire buyout get enough people to invest in the project. Your money is earning nothing in the BUilding society.
I hope the management team pull off the MBO, just for the sake of safeguarding jobs. Good Luck Stephen Crabb is on the case god help us, he has been mute on the going ons at the Kremlin. How many people in the Kremlin have close family working in Murco, this may determine if any monies would be made available. How about a Pembrokeshire buyout get enough people to invest in the project. Your money is earning nothing in the BUilding society. Welshman23
  • Score: -1

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