Sale of Whitegate oil refinery moves closer

The sale of Whitegate oil refinery could be announced as early as next week with negotiations believed to be at an advanced stage.

The country’s sole refinery has been on the market since November 2015 when its current owners Phillips 66 (P66) took the decision to again seek a buyer after earlier attempts to offload it in 2014 failed.

It is understood a preferred bidder has been identified by Texas-based P66 from a shortlist of interested companies which included private equity firm ArcLight Capital, Irving Oil, UK-based PTFPlusOne and Valero Energy.