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31 July 2014, 17:45
Welsh Secretary Stephen Crabb has been telling Heart the oil industry in Wales now has a brighter future.
It's after a deal was announced to buy the Murco refinery in Pembrokeshire - saving over 400 jobs.
Over the past 2 years, several attempts to sell the site in Milford Haven have collapsed.
Mr Crabb says:
"Nobody should underestimate the economic importance of the refinery as an employer but beyond that it's also critically important because it helps produce petroleum, diesel, aviation fuel, that helps power British industry.
So we need to keep refining capacity here in the UK and I think it's particularly important that we keep those refineries in Wales."
The site has been bought by Swiss company Klesch Group and it’s hoped it’ll all go through by the end of October.
It’s not known exactly how much it’s been sold for, but an offer accepted back in April was in the region of £500,000,000.
Gary Klesch – the founder of Klesch Group – tells Heart he’s “excited” to seal the deal:
“I’m very pleased to have been part of the team to put together the deal. We’re excited and looking forward to the future”.
It’s believed the sale will bring millions of pounds worth of investment in the local area.