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.

The Cork region cannot allow the delays which have frustrated the development of the Corrib gas field hamper the potential of Ireland’s first commercial oil find at Barryroe, Cork Chamber president John Mullins declared yesterday.

It will be at least three years before any oil is produced from Ireland’s first commercial oil well — 50km off the Cork coast.