Given the incessant decline in European refinery margins, many U.S. firms are seeking to sell off their European assets. Murphy Oil Corporation (NYSE:MUR) is one of those giants looking to offload its U.K. downstream assets. Its 130,000 bbl per day Milford Haven refinery in Wales may be reduced to a petroleum storage terminal after sell-off.
In the northwest, Phillips 66 (NYSE:PSX) is planning to sell its 71,000 bbl per day refinery in Ireland. However, buyers are often unwilling to pay full price for these refineries as these are often turned into storage facilities and the refining operations are discontinued.
Refinery Margins Disparity
The disparity of refining margins across the globe is...

