The Minister for Public Enterprise Mary O’Rourke is confirming that the sale of the Whitegate Oil Refinery and the Whiddy Island storage facility in Bantry Bay is "almost complete".
Speaking following the cabinet meeting in Killarney Minister O’Rourke announced the sale agreement has already been signed with the American buyer, Tosco Corporation.
She says Tosco will pay $100m for both facilities.
As part of the deal the US firm is committed to continue refining and stilling product at the facilities for the next 15 years.
Minister O’Rourke insists the deal is the best possible.
The sale will also see the end of the historic so-called Mandatory Regime, where a levy was placed at the pumps on consumers to provide essential financial support for Whitegate.
It is estimated the saving will be about half a penny a litre.