Refinery sale rumours grow (From Milford Mercury)

Refinery sale rumours grow

10:50am Saturday 7th January 2012 in News

RUMOURS are growing that Valero – the owner of the former Chevron Refinery in Pembroke – is close to sealing a deal with Murphy Oil to buy the Murco Milford Haven Refinery.

The Milford Haven Refinery employs around 370 people and was put up for sale in July 2010 when owners Murphy Oil announced its intention to leave the refining business.

Talks between the companies are believed to have been ongoing for some time and follow Valero’s acquisition of the Murphy Oil refinery in Meraux, Louisiana, last year.

Little is being said about the potential deal, but executive director of media relations for Valero, Bill Day, said: “Valero has already bought two refineries in 2011 – the Pembroke refinery and a refinery near New Orleans. Valero’s executives have said that other acquisitions could be possible, but only if they provide a strategic fit and only if they are accretive to earnings.”

Valero completed the deal to buy the Chevron Pembroke Refinery in August last year.