Major breakthrough in talks to sell Milford Haven refinery and save hundreds of jobs

First published in News Exclusive by

HUNDREDS of Pembrokeshire families will breathe a sigh of relief this evening (Saturday) after the Western Telegraph learned that talks to secure the sale of the Milford Haven refinery made a significant breakthrough.

The Western Telegraph has been told that a sale to oil entrepreneur Gary Klesch has been agreed, although the deal is yet to be finalised.

The Milford Haven refinery employs around 400 people and has been up for sale for more than three years.

Preseli Pembrokeshire MP Stephen Crabb said tonight: "I am delighted with the breakthrough today in negotiations over the sale of the Murco oil refinery in Milford Haven.

“The agreement in principle reached between Murphy and the buyer is a hugely positive step forward. The sale will secure hundreds of high quality jobs and will enable the refinery to continue operating fully.

"There remain challenges ahead, and a due diligence process to be completed, but I am just so pleased that we have reached this point. I am very optimistic that the sale can be completed.

"It has felt like a race against time to find a new buyer ever since Murphy started the clock on potential closure. I am very pleased that I was able to bring the buyer into the negotiations in the first instance and help broker a deal.

"At every step of the way I have remained in close contact with all parties and have worked tirelessly to keep negotiations flowing when difficulties arose.

"All along I have been incredibly impressed with the dedication of the workforce on site who have stayed focused despite the huge cloud of uncertainty hanging over the refinery."

Comments (7)

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11:52pm Sat 28 Jun 14

chizy says...

When the phrase 'deal yet to be finalised' is used, I would seriously refrain from counting my chickens Mr Crabb.
I, as many people in the area, so badly want the refinery to be saved.
Optimistic? Of course. But until Gary Klesch (you know the one,he's the one brought in by Stephen Crabb who by the way helped broker a deal.) signs on the old dotted then I'm still concerned.
When the phrase 'deal yet to be finalised' is used, I would seriously refrain from counting my chickens Mr Crabb. I, as many people in the area, so badly want the refinery to be saved. Optimistic? Of course. But until Gary Klesch (you know the one,he's the one brought in by Stephen Crabb who by the way helped broker a deal.) signs on the old dotted then I'm still concerned. chizy
  • Score: 13

12:13am Sun 29 Jun 14

Gogledd says...

Well put Chizy. Dont count your chickens etc and I am not being negative just trying to be realistic. Hopefully it will end up positively but I should imagine there will be job cuts in the "due diligence"process. We will see.
Well put Chizy. Dont count your chickens etc and I am not being negative just trying to be realistic. Hopefully it will end up positively but I should imagine there will be job cuts in the "due diligence"process. We will see. Gogledd
  • Score: 9

12:16am Sun 29 Jun 14

Gogledd says...

http://uk.reuters.co
m/article/2014/06/26
/milford-haven-talks
-decision-idUKL6N0P7
2LV20140626
http://uk.reuters.co m/article/2014/06/26 /milford-haven-talks -decision-idUKL6N0P7 2LV20140626 Gogledd
  • Score: 6

9:42am Sun 29 Jun 14

Andrew Lye says...

Lets wait until the i's are dotted and the t's are crossed.
We all know that even when selling a house, either party could pull out at the very last minute.
But..... fingers crossed.
Lets wait until the i's are dotted and the t's are crossed. We all know that even when selling a house, either party could pull out at the very last minute. But..... fingers crossed. Andrew Lye
  • Score: 7

10:00am Sun 29 Jun 14

Gogledd says...

Asset stripping comes to mind. Many companies buy up others who are in deep doggy doodoo and strip them out for their "saleable" assets. Its ususally a short term gain with only a skeleton crew eventually left to run whats is left. I hope this doesnt happen here but usually when you cant get a buyer for a viable business the "writing is on the wall". Looks as if we are all agreed, suck it n see......
Asset stripping comes to mind. Many companies buy up others who are in deep doggy doodoo and strip them out for their "saleable" assets. Its ususally a short term gain with only a skeleton crew eventually left to run whats is left. I hope this doesnt happen here but usually when you cant get a buyer for a viable business the "writing is on the wall". Looks as if we are all agreed, suck it n see...... Gogledd
  • Score: 1

10:38am Sun 29 Jun 14

Welshman23 says...

http://uk.reuters.co
m/article/2014/06/26
/milford-haven-talks
-decision-idUKL6N0P7
2LV20140626
Spot on Gogledd read this Mr Crabb before you you make rash comments, Reuters has more credibility than comments you make. I hope they do save jobs.
http://uk.reuters.co m/article/2014/06/26 /milford-haven-talks -decision-idUKL6N0P7 2LV20140626 Spot on Gogledd read this Mr Crabb before you you make rash comments, Reuters has more credibility than comments you make. I hope they do save jobs. Welshman23
  • Score: 8

1:53pm Sun 29 Jun 14

JonnyBlueJeans says...

chizy wrote:
When the phrase 'deal yet to be finalised' is used, I would seriously refrain from counting my chickens Mr Crabb.
I, as many people in the area, so badly want the refinery to be saved.
Optimistic? Of course. But until Gary Klesch (you know the one,he's the one brought in by Stephen Crabb who by the way helped broker a deal.) signs on the old dotted then I'm still concerned.
We have been here before with buyers that end up pulling out. Lets keep our fingers crossed
[quote][p][bold]chizy[/bold] wrote: When the phrase 'deal yet to be finalised' is used, I would seriously refrain from counting my chickens Mr Crabb. I, as many people in the area, so badly want the refinery to be saved. Optimistic? Of course. But until Gary Klesch (you know the one,he's the one brought in by Stephen Crabb who by the way helped broker a deal.) signs on the old dotted then I'm still concerned.[/p][/quote]We have been here before with buyers that end up pulling out. Lets keep our fingers crossed JonnyBlueJeans
  • Score: 6

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