On 3rd August Canada's Irving Oil announced that it had signed an agreement to purchase the small Whitegate refinery in Ireland from Phillips 66. The deal is expected to complete by the end of the 3rd quarter and Irving Oil will assume the operation of the small Irish refinery.
The deal came as a surprise as although the asset has been for sale it was generally thought that it would prove difficult to find a buyer for the small hydroskimming refinery.
Irving Oil's pledge to continue "full operation" of Ireland's only oil refinery and maintain its existing workforce is welcome news in the city of Cork, where American multinational energy company Phillips 66 has been looking to divest the asset for several years.
The Whitegate refinery used to be owned by the state, but was privatized in 2001 and sold to Phillips 66.
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