Murphy Oil Corporation (NYSE:MUR) announced that its wholly-owned subsidiary, Murco Petroleum Limited ("Murco"), has signed an agreement to sell its Milford Haven refinery and terminal assets to Klesch Refinery, Ltd. Pending regulatory approval and subject to other material conditions, this transaction is scheduled to close no later than October 31, 2014.

A separate transaction for the sale of Murco's U.K. retail business is at an advanced stage, and the company will provide a further update on this in due course.

About Klesch Group

The Klesch Group is a global industrial company that acquires commodity producing companies, applies optimisation techniques to efficiently run their operations and manages risk through commodity trading strategies.
Klesch Petroleum SA is an integrated refining and trading organisation with the aim of enhancing the asset value of the global refining operations and infrastructure of the Klesch Group through trading and supply optimisation.

About Murphy Oil

Murphy Oil Corporation is an international independent, nimble, persistent pursuer of crude oil, natural gas and natural gas liquids. But to ensure the endeavor remains fruitful and sustainable, the leadership team at Murphy Oil remains measured and strategic in our pursuit. For starters, our global exploration program adheres to a 10+ well target annually, with a focus in four key regions.

See the site of Milford Haven refinery