Phillips 66 unlikely to announce Whitegate future

Phillips 66 is unlikely to make any announcement on the future of the Whitegate oil refinery when it releases quarterly results today.

Phillips 66 unlikely to announce Whitegate future

It was reported earlier in the week that the Texas-based company could be about to make an announcement regarding the future of Ireland’s sole refinery when it publishes its second quarter financial results but sources close to the company have indicated that no update will be forthcoming.

A spokesperson for Phillips 66 (P66) said that the marketing process is ongoing with significant interest from potential buyers.

The Irish Examiner understands that negotiations over the sale of the refinery are at an advanced stage.

A number of companies are believed to have shown an interest in the refinery, including Canada’s Irving Oil, PTFPlusOne, Valero Energy, Inver, and private equity firm ArcLight Capital.

The refinery’s future remains unclear, however, as P66’s obligation to operate the refinery for 15 years expires this month.

It is not yet known whether any potential new owners will continue to operate the refinery or whether it will be closed and used as a storage facility.

A spokesperson for the Department of Communications, Climate and Environment, said P66 has advised the Government of its intention to sell the refinery as an operational facility, and of “their intention to operate the refinery on a business as usual basis” in the meantime.

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