Loss-making refinery faces uncertain future

The Whitegate oil refinery, which its parent company has confirmed may yet be sold, is significantly loss-making, according to its most recent annual accounts.

Texas-based Phillips 66, which owns the refinery in Co Cork, confirmed to the Irish Examiner earlier this week that it is still considering selling the country’s only refinery, despite having ended its marketing of the troubled asset last year amid weak demand.

Accounts filed for the refinery with the Companies Registration Office (CRO) show it made a pre-tax loss of $53.37m (€48.47m) in 2013.