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REFINERY SALE A STEP CLOSER

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  • gb capitalLondon based investment firm tipped to purchase Murco plant
  • Greybull Capital tipped to buy the struggling refinery
  • Plant and retail petrol stations would continue operating

MURPHY OIL is in advanced talks to sell its Milford Haven refinery to a low-profile private equity fund that will continue operating the struggling plant, sources familiar with the situation said on Tuesday.

The American oil giant has been trying to sell the 135,000 barrels-per-day plant and its Murco petrol stations for around four years. But buyers who were willing to keep it running have proved elusive as European refineries fight for survival due to failing demand.

A deal is now moving closer with London-based Greybull Capital after it had agreed to fund a major planned maintenance at the plant within the next 18 months, sources said.

“There is a form of agreement pending finance,” said a source close to the negotiations.The maintenance turnaround at Milford Haven was expected to cost less than $75 million, the source said. The full cost of the deal was unclear.

The source said that a commitment to fund the turnaround was vital to prevent any buyer from running the plant for a short time before closing it down to sell assets, or demand a government bailout. Greybull has in the past focused on financing deals to buy struggling British high street chains such as the ultimately doomed electrical goods outlet Comet. It declined to comment on the Milford Haven discussions.Greybull would probably need to partner with either a commodity trading house or a bank with trading capabilities in order to secure the funding for the deal to keep the 450 employees in place.

“They are trying to raise the money in order to keep the work force in place,” an industry source said.

A spokeswoman for Murco, the Murphy Oil subsidiary that operates the refinery, confirmed talks for the sale of the refinery were coming closer to a conclusion.

“Discussions with regard to the sale of the Murco UK business by its U.S. parent, Murphy Oil Corporation, are ongoing and are at an advanced stage,” Emma Murphy said in an email.

Retail Outlets

Murco’s 400 petrol stations across the country would also be part of the deal.

“The buyers will purchase the Murco name and the supply system which will continue to supply the Murco petrol stations,” the industry source said.

Murco also operates three storage and distribution terminals in Britain which are supplied by rail from the refinery and handle around 2 million tonnes of oil product a year, according to the company’s website.

The Welsh plant, like other British and European refineries, has struggled in recent years due to weak demand in the region and in its U.S East Coast export market, as well as growing competition from U.S., Russian and Asian plants – factors which have hammered margins.

India’s Essar Energy said last month it will shutter one third of its production capacity at Britain’s second-largest oil refinery Stanlow.Last year the Grangemouth refinery in Scotland was brought to the brink of closure following a bitter industrial dispute, after owner Ineos said it needed to slash costs to keep it viable.

This followed the closure of the Coryton plant owned by bankrupt Petroplus which closed in 2012. Greybull is led by the brothers Nathaniel and Marc Meyohas, who operate from a small office in London’s Knightsbridge. The pair try to keep a low profile but shot to fame two years ago when they were involved in the Comet scandal.

Greybull was among the backers that had bankrolled a buyout of the electricals retailer by the former banker Henry Jackson, who sparked outrage when he pulled the plug on Comet just months later, triggering thousands of job losses.

The investment company has declined to comment on their plans over the Murco site. Councillor David Pugh, Cabinet Member with Responsibility for Economy, Tourism, Communities and the Voluntary Sector, said: “We have been aware for some time that Murco is in advanced discussions with a potential purchaser. We are pleased to hear that these negotiations are now nearing completion and that the future of the Refinery is looking more secure.

He added: “Our officers, together with the Welsh Government’s Energy and Environmental team, are in regular contact with Murco and the company is aware of our support for them and whoever acquires the business.”

Who is behind Greybull Capital?

behind greybull

THE OFFICES of Greybull Capital are discreetly placed in the heart of London’s upmarket Knightsbridge.

These are the offices of the company reported to be behind the proposed purchase of the Murco’s operations in the UK, including petrol stations and crucially for Pembrokeshire the refinery at Milford Haven.

Behind tinted windows, brothers Marc and Nathaniel Meyohas have been behind the financing of takeovers of well-known troubled brands and High Street names, such as Game and most famously Comet. Last year the company was involved in the rescue and restructuring of Metaltrax, a West Midlands-based manufacturer of bakeware and kitchen accessories, saving a reported 387 jobs.

Greybull was closely involved in the investor group behind OpCapita’s purchase of troubled electrical retailer Comet. The withdrawal of support by a key American investor before Christmas 2012 caused Comet to collapse with the loss of 7,000 jobs at the retailer’s stores nationwide.

Before founding Greybull Capital, Marc Meyohas was the founder and CEO of Cityscape a leading provider of digital urban networks in the UK. Nathaniel Meyohas is no stranger to the petrochemical industry, having in the past been involved in arranging a shareholder loan of $40m to multinational company Manoir Industries.

Most recently Greybull Capital have acquired the British assets of plastic bottle maker Constar for a reported $8m.

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Crime

Crown Court backlog at a record high, Victims’ Commissioner warns

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THE VICTIMS’ Commissioner for England and Wales, Baroness Newlove, has voiced profound concern over the escalating backlog of cases in the Crown Court, which has surged to a record 67,573 outstanding cases. This latest figure not only signifies a 1% increase from the previous quarter but also marks a staggering 65% rise from pre-pandemic levels and a near double increase since June 2019.

Baroness Newlove, reflecting on the dire statistics, emphasized the intolerable delays victims are facing, often stretching to years, before their cases are heard in court. With 27% of all outstanding cases now pending for over a year, the situation has reached a critical point, resulting in unprecedented strain on victims and the frontline services supporting them.

The duration from the receipt to the completion of cases at the Crown Court remains significantly above pre-pandemic figures, showcasing an 82% increase from the end of March 2020 and an 84% rise from the end of June 2019. Specifically troubling is the average completion time for rape cases, which now stands at 393 days, surpassing all previous records and highlighting a 52% increase from before the pandemic.

The Victims’ Commissioner pointed out the growing burden on victim services and the potential for increasing numbers of victims to withdraw from the process due to prolonged wait times. The statistics reveal a 14% victim withdrawal rate post-charge in the latest quarter, coupled with 26% of cases being adjourned on the day of trial, further exacerbating the challenges faced by those seeking justice.

Baroness Newlove criticized the apparent systemic issues within the judicial process, noting that despite a 4% decrease in new case volumes, the backlog continues to rise, with completed cases also experiencing a decline. This situation underscores the critical need for systemic reforms to address the inefficiencies plaguing the court system, ensuring that victims do not continue to suffer from prolonged delays in obtaining justice.

As the Crown Court backlog hits another record high, the call for urgent action to alleviate the pressure on victims and the judicial system has never been more pressing, with justice delayed increasingly equating to justice denied.

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Entertainment

Easter Extravaganza: ‘Into The Woods’ takes the stage in Pembs

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THE FISHGUARD and District Drama Society (FADDS) is set to dazzle audiences with its latest production, “Into The Woods”. Theatre enthusiasts across Pembrokeshire are in for a treat as the show embarks on a captivating three-day run at Theatre Gwaun starting Thursday, April 4th.

The production, which premieres at 7:00pm on Thursday, promises an exciting journey through a modern twist on beloved fairy tales, with additional performances scheduled for the following dates and times:

  • Thursday, April 4th at 7:00pm
  • Friday, April 5th at 7:00pm
  • Saturday, April 6th at 2:00pm and again at 7:00pm

Tickets are swiftly selling out, urging potential spectators to secure their seats promptly by booking through Theatre Gwaun’s official website.

For over three decades, FADDS has been a cornerstone of the local theatre scene, bringing a plethora of productions to life at Theatre Gwaun. Their adaptation of Stephen Sondheim’s “Into The Woods” marks yet another milestone, enriching Pembrokeshire’s cultural tapestry. Since its Broadway debut in 1987 and subsequent West End premiere in 1990, “Into The Woods” has been a fixture in the theatre community, even inspiring a Walt Disney film adaptation in 2014.

The story weaves a tapestry of fairy tale quests, exploring the intertwined fates of beloved characters as they venture into the woods, each harboring their own desires and secrets. Questions abound: What binds a cow as white as milk to hair as yellow as corn? Can Cinderella attend the King’s Festival? Will Rapunzel escape her tower? And who is the mysterious figure obsessed with greens?

FADDS promises a show brimming with intrigue, laughter, and the timeless music of Sondheim, delivering a “fast-paced, super fun” interpretation of these classic tales. This amateur production, orchestrated in collaboration with Music Theatre International (MTI), guarantees a magical night out for families and theatre aficionados alike, blending nostalgia with the thrill of live performance.

Don’t miss the opportunity to experience this vibrant take on “Into The Woods” – a theatrical journey where fairy tales and reality collide, revealing the heart and humour of these age-old stories.

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Education

Second Pembrokeshire Chess Tournament celebrates youth and skill

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THE SECOND Pembrokeshire Chess Tournament drew participants from 21 schools across the region, culminating in a day of intense competition and camaraderie.

The tournament, reported by Vicky Brown, saw young chess enthusiasts gather for a day marked by strategic gameplay and exceptional talent. Henry Burton from Redhill emerged victorious, claiming the top spot in a closely contested field. The duo of Steffan Hughes and Huw Holliday, also from Redhill, followed closely in second place, while Osian Griffiths (Ysgol Caer Elen), Bryn Williams (Milford Haven Community School), and Iolo Hughes (Redhill) shared the third place, showcasing the depth of talent present among the participants.

In recognition of outstanding sportsmanship, Carys Callan from Redhill was honoured with the ‘David Pinch Award’, embodying the spirit of fair play and respect that marked the tournament. A special mention was given to Tyler Davison-Hall from Johnston CP School for participating in the Game of the Tournament, further highlighting the event’s competitive yet friendly atmosphere.

The tournament benefitted significantly from the expertise of Ian Eustis from the Welsh Chess Union, who served as Arbiter, ensuring the smooth running of the games. The event was also supported by Martin Jones and Scott Hammett, who took on the roles of stewards, and the Friends of Redhill (FOR), who managed the refreshments, contributing to the day’s success.

The local chess community, including participants and spectators, expressed their appreciation for the organisational efforts that made the event possible. For those interested in furthering their chess skills, the Pembrokeshire Chess Club extends an invitation to meet on Tuesday evenings in Steynton. Martin Jones, contactable at 07884384131, is available for further details regarding membership and participation.

Looking ahead, Redhill is poised to host its next chess tournament on Saturday, 8th June, promising another opportunity for young chess players to demonstrate their skills and passion for the game. The success of this event not only highlights the thriving chess scene in Pembrokeshire but also sets the stage for future tournaments that continue to inspire and engage the youth in the noble game of chess.

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