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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.

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

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