A PYMNTS Company

EU: US tycoon goes after Welsh oil refinery

By  |  October 12, 2014

The European Commission issued a statement Friday announcing its approval for US entrepreneur Gary Klesch to acquire an oil refinery off the coast of Wales, say reports.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Klesch first struck a plan to acquire the refinery, which reports say produces 135,000 barrels of oil each day, in July. Financial details of the transaction were not disclosed; the refinery is currently owned by Murphy Oil.

    The Commission found that there would be no harm to competition following the takeover. According to reports, takeovers of EU oil refineries have increased in recent years following a hike in profits from US rivals.

    Full content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.