The Cabinet has approved the sale of the Irish National Petroleum Corporation. The INPC runs the Whitegate Oil Refinery and the Whiddy Oil Terminal in County Cork. Meeting at Muckross House outside Killarney, the Cabinet approved the sale to the Americk TOSCO Corp for $100m. The 225 jobs in INPC are to be guaranteed for 15 years by the new owners.
Legislation providing for the sale is to go through the Dáil before the summer recess and public enterprise Minister Mary O'Rourke expects to finalise the deal within eight weeks. The sale will bring to an end the levy on petrol of 0.4 p/litre, which has supported INPC.
The Cabinet held its regular weekly meeting at Muckross House in Killarney today. It was the first Cabinet meeting to be hosted by County Kerry. The choice of venue is aimed at promoting tourism in the county, following the lifting of the foot and mouth disease restrictions.
