Murphy Oil Corporation has agreed to sell its oil refinery and related assets in Louisiana, US, to a subsidiary of Valero Energy Corporation.
The deal has a total consideration of $325m, including the value of its hydrocarbon inventory.
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The sale is subject to mandatory regulatory approvals and is expected to close later this year.
Murphy Oil president and chief executive officer David Wood said the sale will help the company in its repositioning strategy to exit the refining business.
“We will now focus our attention on completing the sale of our assets in the UK,” Wood added.
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By GlobalData
