Goldman and Ion in Whitegate bid

GOLDMAN SACHS and Dublin-based Ion Equity are believed to have joined forces to buy Whitegate Oil Refinery, which was put on sale in January by US-based ConocoPhilips.

Ion, which owns Bandon alternative energy and waste management group SWS, is the major investor in Topaz, the country’s leading oil distributor, which in turn owns Statoil and Shell, and is a major client of the refinery.

The asking price for Whitegate is around €350m and sources say the link-up would make sense for Ion, which has been involved in corporate finance and private equity transactions in Ireland.