Whitegate oil refinery owner reports €32m pre-tax losses

The firm that operates the State’s only oil refinery plunged into the red last year to record pre-tax losses of $42.48m (€32.17m). 

New figures show that US-owned Phillips 66 Ireland Ltd recorded the loss after enjoying pre-tax profits of $26.6m in 2012 — a negative swing of $69.14m.

This follows revenues declining by 5% or $143m from $3.114bn to $2.971bn in the 12 months to the end of December 31 last.