A SALE has been agreed on the Murco Milford Haven Refinery securing 400 jobs.

Back in April staff were told that a deal to sell the refinery to investment firm Greybull Capital had fallen through and management had entered a period of consultation over its future.

The refinery, which is owned by Murphy Oil Corporation, has been on the market for about three years.

Its future had been in doubt since bosses announced the corporation was no longer buying crude oil to be processed at the site.

But the Klesch Group has confirmed it signed a purchase agreement for the site early this morning (Thursday, July 31).

Klesch Group founder Gary Klesch told the Western Telegraph there were a number of conditions which needed to be satisfied and he expected the deal to be closed by the end of October.

He also confirmed all of the jobs at the plant will be saved.

“We are obviously planning to re-start production,” Mr Klesch said.

“We will look to optimise and improve the performance of the site. We will start that immediately once we close on the deal.”

He added: “We are happy to play a role in the Welsh economy. This will not only save the 400 jobs on site but thousands of indirect jobs.

“This is one of the few instances in this business, that I can recall, when all of the stakeholders have been constructive in assisting us.”

The group has been in serious discussions with Murphy since March. Mr Klesch would not disclose how much money is involved.

Preseli Pembrokeshire MP Stephen Crabb welcomed the news.

He said: “I am delighted that Klesch Group has today formally agreed to purchase the Murco oil refinery in Milford Haven, following an agreement in principle reached last month.

“Gary Klesch has a strong track record of reviving businesses in loss-making industries and I was pleased to be able to bring him into the negotiations seven months ago.

“There is still more work to be done but today's announcement is very encouraging news for the refinery staff and their families.”