New Whitegate oil refinery owners sound positive note

Irving Oil, the soon-to-be new owner of Whitegate oil refinery, is not concerned by the facility’s weak financial performance and is confident of turning a profit despite global refining margins coming under pressure.

Ireland’s only refinery has endured a difficult recent past which culminated in losses of $280m (€250m) in 2014 — the most recent year for which accounts are available.

The 71,000 barrel-per-day refinery recorded an operating loss of $148m after revenue fell $268.8m during the year. Current owners Phillips 66 also reduced the value of plant and equipment resulting in an impairment cost of $127.6m.