Murco oil refinery buyer Gary Klesch promises to save jobs
31 July 2014 Last updated at 12:11 BST
A sale has been agreed on the closure-threatened Murco oil refinery in Milford Haven, safeguarding 400 jobs.
Workers feared the worst when a £300m deal to save the plant collapsed in April.
The future of the refinery had been in doubt since owner Murphy Oil announced it was no longer buying crude oil to be processed at the site.
But on Thursday, the Klesch Group confirmed it had signed the purchase agreement for the site.
Klesch Group founder, Gary Klesch, told BBC Wales he was "excited" by the takeover and confirmed he would be keeping the plant's current workforce, and saving other jobs in the wider economy.