Canada’s Irving Oil is ready to buy Ireland’s solely refinery at Whitegate in Cork Harbour, ending months of hypothesis in regards to the facility’s future.
Whitegate oil refinery’s proprietor, US group Phillips 66, announced last year that it was putting it in the marketplace and studies in latest days indicated that a deal was imminent.
Irving confirmed on Wednesday that it has agreed to buy the refinery from Phillips 66 and that it expects the sale to go through by the top of next month.
The buyer pledged to continue full operation at Whitegate and to maintain its current workforce.
Whitegate processes as much as 75,000 barrels of crude oil a day and produces petrol, diesel and kerosene. It employs 160 people.
The refinery provides 40 per cent of the Irish market and the government regards it as key to sustaining energy security in the Republic.
The Minister for Communications, Climate Action and Setting, Denis Naughten, welcomed the news.
“Security of power supply is important to ongoing economic growth and growth and a pillar of our energy policy,he said.
Iriving Oil is a household-owned group that operates Canada’s biggest refinery at St John, New Brunswick, which handles 320,000 barrels a day.
It supplies wholesale and retail customers in Atlantic Canada, Quebec and New England within the US.
Irving’s president, Ian Whitcomb, stated that the acquisition “felt naturalfor the Canadian group.
“The Whitegate refinery has an incredible status as a significant and secure provider to the Irish market, and we will uphold that dedication very proudly and really critically./p>
Its chief operating officer, Mark Sherman, said that Whitegate had impressed the Canadian company.
“The operational efficiency of Whitegate is strong,he mentioned. “It has nicely-established and diligent upkeep schedules and we are struck by the positive working atmosphere seen amongst its folks./p>
Accounts present that Whitegate’s operations lost $148 million in 2014, the final year for which figures are available. The deficit was more than 3 times the $47 million reported the earlier year.
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