Whitegate owner reviewing options that may include putting Ireland's sole oil refinery up for sale

The State's only oil refinery, Whitegate supplies approximately 40 per cent of Ireland’s transport and heating fuel. Picture: Denis Scannell

Canadian energy firm Irving Oil has begun a review of its company that could see key oil refinery assets, including Whitegate in Cork, up for sale.

In a statement, the family-owned company said it has begun a strategic review of its operations and that as series of options are being evaluated related to the company's future.

"No decisions have been made about where this strategic review will lead. Consideration will be given to a new ownership structure, a full or partial sale, of a change in the portfolio of our assets and how we operate them."

Irving Oil acquired Whitegate in 2016. The refinery in Cork Harbour first opened in 1959. It was operated by the State’s Irish National Petroleum Corporation up until 2001 when they were sold to US oil giant Tosco which was later acquired by Phillips 66.

Whitegate processes light, low-sulphur crude oil, sourced from the North Sea and West Africa. The facility produces transportation and heating fuels such as gasoline, diesel and kerosene that are then distributed across Ireland and Europe.

It supplies approximately 40 per cent of Ireland’s transport and heating fuel.