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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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Business

Thousands of homes in rural Wales gain from faster 4G boost

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RURAL Wales is seeing a major upgrade in mobile connectivity, with faster 4G now live in several areas. Seven locations across North, South West, and West Wales are benefitting from new 4G mast upgrades funded by the UK Government’s Shared Rural Network (SRN), aimed at closing the digital gap between rural and urban areas.

The upgrades, which went live on Thursday (Nov 14), bring improved 4G coverage to communities including Bontddu, Llanelltyd, Llanarmon Dyffryn Ceiriog, Penmaenpool, Tabor, Snowdonia National Park, and Bontgoch. Local businesses, emergency services, and residents are expected to benefit from faster internet access, which supports daily communication, business opportunities, and economic growth.

There is a £170 million agreement with Openreach to provide gigabit-capable broadband to 70,000 remote Welsh properties

Technology Secretary Peter Kyle said: “Fast, reliable connectivity is essential for modern life and should be available from Cardiff to the remotest parts of Wales. Today’s upgrades bring us closer to making this a reality.”

SUPPORTING DIGITAL INCLUSION

As part of the rollout, Peter Kyle and Telecoms Minister Sir Chris Bryant visited Ebbw Vale to discuss digital inclusion with charity and industry leaders. They met with representatives at BGfm, a digital inclusion hub in Blaenau Gwent, to learn about how connectivity impacts daily life in Welsh communities.

Telecoms Minister Bryant said: “We are working tirelessly to make sure rural communities aren’t left behind online.

“These upgrades mean businesses can now operate without connectivity limitations, 999 services are better equipped to respond, and residents and tourists can stay connected across the Welsh countryside.”

ADDRESSING CONNECTIVITY GAPS

An estimated 1.5 million homes across the UK remain without internet access, limiting people’s ability to access essential services such as banking and healthcare. In addition to the SRN upgrades, the Chancellor has allocated over £500 million in next year’s budget for digital infrastructure expansion, targeting these underserved areas.

Welsh Secretary Jo Stevens highlighted the importance of this investment, particularly for rural Wales, where fast, reliable internet can be transformative.

“Connectivity is critical for day-to-day life in rural areas – from supporting local businesses to ensuring emergency services are just a call away,” Stevens said.

The upgraded masts, previously limited to EE customers and emergency 999 calls, now serve a wider user base, bringing essential internet access to more people without requiring new infrastructure.

Ben Roome, CEO of Digital Mobile Spectrum Limited, said: “With the activation of five new SRN sites, Wales is seeing the tangible benefits of the Shared Rural Network, bringing crucial connectivity to rural communities.”

GOVERNMENT INVESTMENT IN REMOTE WALES

The improvements come alongside a £170 million agreement with Openreach to provide gigabit-capable broadband to 70,000 remote Welsh properties, helping future-proof digital access in even the most isolated locations.

The latest upgrades mark another step in the Government’s mission to improve mobile coverage and close the connectivity gap across Wales, creating opportunities and supporting economic growth across rural communities.

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Milford Haven man admits to downloading indecent images of children

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A MILFORD HAVEN man has been sentenced after admitting to downloading over 1,000 indecent images and videos of children, including highly explicit content involving young children. Gareth MacDonald, now 23, appeared before Swansea Crown Court, where he pleaded guilty to possessing indecent images and videos across various devices.

The court heard that police visited MacDonald’s home, which was the scene of protests after his arrest, last year following intelligence suggesting that child abuse images had been accessed there.

There were protests outside MacDonald’s house in September 2024 (Pic: Herald)

Officers spoke with MacDonald’s mother at the door before entering to conduct a search.

During the operation, two mobile phones, a tablet, a laptop, and two hard drives were seized.

MacDonald initially spoke to one of the officers privately, admitting to downloading the images and saying, “It’s me.” Later, in formal interviews, he revealed that he had grown “bored with legal pornography” roughly a year earlier, knowing that what he was doing was illegal but continuing regardless.

Prosecutor Emily Bennett informed the court that MacDonald’s devices held 15 Category A images, the most severe classification, 26 Category B images, and 960 Category C images. Some content depicted children as young as nine, and the most serious material involved pre-teen children in distressing situations.

Bennett also noted that MacDonald had briefly joined an online group where members self-identified as paedophiles, although he left without sharing any material. Cleaning software was also found on his devices.

Defense counsel Dan Griffiths acknowledged that MacDonald’s actions had crossed the custodial threshold, but argued that there was “a realistic prospect of rehabilitation.” He highlighted MacDonald’s cooperation with police and his willingness to comply with rehabilitation programmes.

Judge Geraint Walters, presiding over the sentencing, addressed MacDonald, saying, “For some considerable time, you have accessed this kind of imagery, fully aware of the harm it represents.” He acknowledged that MacDonald largely isolated himself and stayed at home, factors he considered in the sentencing.

MacDonald was sentenced to eight months in prison, suspended for two years, with a requirement to complete 20 rehabilitation activity days and participate in the Horizon programme. He was also ordered to register as a sex offender for 10 years and is subject to a sexual harm prevention order for the same duration.

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Welsh teenager jailed for creating 3D-printed gun at home

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A TEENAGER who assembled parts for a viable semi-automatic firearm using a 3D printer has been sentenced to nearly five years in prison.

Owain Roberts, 19, purchased nuts, bolts, steel barrels, and metal rods online, constructing components of an FGC-9 gun with the aid of a 3D printer.

Detectives said that this case marks the first of its kind in Gwent, where Roberts admitted to manufacturing a firearm component. He appeared at Cardiff Crown Court on Thursday (Nov 14).

In April, firearms officers executed warrants at two Newport addresses connected to Roberts. Seized items included a 3D printer, two laptops, six plastic reels, and parts for an FGC-9 firearm.

PC Tom Meazey, from Gwent Police’s East Serious Organised Crime team, stated: “Illegally-held firearms can lead to tragic consequences and devastate innocent people’s lives. To own a firearm, including a printable one, is illegal in the UK without a valid firearms certificate. Roberts’s reckless actions in buying items capable of manufacturing a firearm placed people at direct risk.”

This rare and complex investigation involved support from the National Crime Agency (NCA).

Roberts received a prison sentence of four years and nine months.

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