Murphy Oil has agreed to sell the struggling Milford Haven refinery in Wales to oil entrepreneur Gary Klesch.
The future of the plant has been in doubt since the company announced that it was no longer buying crude to be processed at the site, following the collapse of a £ 300 million deal that put 400 jobs at risk.
Preseli Pembrokeshire MP Stephen Crabb commented: “I am delighted with the breakthrough in negotiations over the sale of the Murco refinery in Milford Haven”.
“It was crucial to get this breakthrough this weekend because Murphy was clear that without that commitment, they were going to announce tomorrow morning they were beginning the process of shutting down the refinery altogether”.
The buyer wants to keep the site as a refinery and will act to safeguard jobs.
A Welsh government spokesperson said: “The plant is a vital part of the Welsh economy and we have been working tirelessly to secure its future, working closely with the current owners, potential buyers and government at all levels.
“We remain committed to exploring every possible angle in supporting the company and the workforce”.
Edited from various sources by Emma McAleavey.
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