David Stanton TD, Minister of State, Department of Justice today welcomed the announcement by Phillips66 that it had signed a Sales and Purchase Agreement with Irving Oil. Irving Oil is a privately-owned Canadian energy company, which operates Canada’s largest refinery in Saint John, New Brunswick, Canada, as well as wholesale distribution and retail businesses.
The Whitegate refinery in Cork, which is currently owned and operated by Phillips66, is the only refinery on the island of Ireland and currently supplies up to 40% of the main products on the market and has a workforce of 160 as well as many contract personnel.
The Government’s position on the Whitegate refinery has always been that the continued operation of the refinery on a commercial basis is highly desirable from an energy security and economic perspective. In this regard, the Minister is very pleased with the positive outcome to the sales process.
This is great news for the East Cork area for the region and for the country.
“Security of energy supply is important to ongoing economic growth and development and a pillar of our energy policy”, the Minister said. “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,” concluded Minister Stanton.
A Sales and Purchase Agreement between Phillips66 and Irving Oil was signed today, 3 August 2016.