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Released August 08, 2016 | GALWAY
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The future of Ireland's only oil refinery has been secured following its sale to Canada's Irving Oil (Saint John, New Brunswick) for an undisclosed sum.
The company has agreed to purchase the Whitegate refinery, located in the harbour in County Cork, from Phillips 66 (NYSE:PSX) (Houston). The announcement ends months of speculation about the plant's future. Irving Oil has committed to running the refinery at full capacity and to maintaining the existing permanent workforce of 160 people and more than 130 contractors. The former state-owned plant was privatised after its sale in 2001 to Phillips 66.
Built in 1959, the Whitegate facility is Ireland's sole refinery, processing up to 75,000 barrels of crude oil per day and producing transportation and heating fuels such as gasoline, diesel and kerosene. It supplies around 40% of Ireland's retail demand and the government said it is vital to the country's energy security. Ireland is committed under European Union (EU) law to maintaining oil reserves of up to 90 days, and Whitegate contributes a significant portion of domestic supplies.
"Security of energy supply is important to ongoing economic growth and development and a pillar of our energy policy", said Denis Naughten, Minister for Communications, Climate Action and Environment. "I am delighted to hear that the sale process, which started some months ago, has resulted in an agreement between Phillips66 and Irving Oil for the sale of the refinery. This is very positive, not just in relation to maintaining oil refining on this island, but also for Cork and for the country in general. The continued operation of the refinery at Whitegate on a commercial basis is an important part of our security of supply."
"As operators of Canada's largest refinery, Irving Oil is a proud Atlantic Canadian company, family-owned and operated for close to a century," commented Sarah Irving, executive vice president of the company. "Our history and role in supplying Atlantic Canada and the U.S. northeast ensures we bring exceptional experience and commitment to the people of Whitegate and to customers across Ireland."
Irving Oil said it expects the transaction to close by the end of the third quarter "once all conditions of the sale have been met". It stated: "Upon closing, Irving Oil will assume full ownership of the refinery and continue full operation of the facility, including maintaining its existing workforce."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The company has agreed to purchase the Whitegate refinery, located in the harbour in County Cork, from Phillips 66 (NYSE:PSX) (Houston). The announcement ends months of speculation about the plant's future. Irving Oil has committed to running the refinery at full capacity and to maintaining the existing permanent workforce of 160 people and more than 130 contractors. The former state-owned plant was privatised after its sale in 2001 to Phillips 66.
Built in 1959, the Whitegate facility is Ireland's sole refinery, processing up to 75,000 barrels of crude oil per day and producing transportation and heating fuels such as gasoline, diesel and kerosene. It supplies around 40% of Ireland's retail demand and the government said it is vital to the country's energy security. Ireland is committed under European Union (EU) law to maintaining oil reserves of up to 90 days, and Whitegate contributes a significant portion of domestic supplies.
"Security of energy supply is important to ongoing economic growth and development and a pillar of our energy policy", said Denis Naughten, Minister for Communications, Climate Action and Environment. "I am delighted to hear that the sale process, which started some months ago, has resulted in an agreement between Phillips66 and Irving Oil for the sale of the refinery. This is very positive, not just in relation to maintaining oil refining on this island, but also for Cork and for the country in general. The continued operation of the refinery at Whitegate on a commercial basis is an important part of our security of supply."
"As operators of Canada's largest refinery, Irving Oil is a proud Atlantic Canadian company, family-owned and operated for close to a century," commented Sarah Irving, executive vice president of the company. "Our history and role in supplying Atlantic Canada and the U.S. northeast ensures we bring exceptional experience and commitment to the people of Whitegate and to customers across Ireland."
Irving Oil said it expects the transaction to close by the end of the third quarter "once all conditions of the sale have been met". It stated: "Upon closing, Irving Oil will assume full ownership of the refinery and continue full operation of the facility, including maintaining its existing workforce."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
