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Milford Haven sold to Singapore energy firm

The Milford Haven oil refinery has been sold to a Singaporean energy company just months after separate sales talks collapsed.

Puma Energy is buying the facility in Wales from Murco Petroleum along with three inland terminals at Westerleigh, Theale and Bedworth. Puma, a subsidiary of the commodity trading giant Trafigura Beheer, has also purchased Murco's wholesale and distribution business in the UK.

Around 140 jobs across the four sites will transfer to Puma, which will expand Milford Haven's storage facilities as part of the company's first push into the UK.

Murco continued to operate the facility solely as a petroleum storage and distribution terminal.

Puma said it will make Milford Haven "a key site securing the supply of energy to the UK and wider region during a period of change in European energy infrastructure".

After the 50pc slump in the price of oil since last June, more companies are looking to store the commodity until prices recover.

Brent crude dropped more than 2.5pc on Friday to a month-low of $55.37 a barrel, bucking a recent trend of stable prices.

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