Profits plummet at operator of Whitegate refinery to $10.5m

It plays a critical role in the country’s energy infrastructure, supplying 40% of the petroleum needs of the country

Whitegate Oil Refinery, which opened in 1959, can process up to 75,000 barrels of oil a day. Picture: Denis Scannell

Pre-tax profits at the firm which operates Ireland’s only oil refinery at Whitegate, Co Cork, plummeted last year by 93% to $10.52m (€9m).

The drop in profits at Irving Oil Whitegate Holdings Ltd followed revenues decreasing by 18% from $3.27bn to $2.68bn.