The company that makes Guinness says it does not yet know if its brewing facilities could be moved from St James's Gate to a greenfield site on the outskirts of the city.
Diageo confirmed this afternoon that it has begun an assessment of its brewing operations in Dublin, Dundalk and Kilkenny, but it said reports that the brewing facilities could move from St James's Gate are 'speculation'.
Diageo says its assessment of operations is at a very early stage and is due to be completed by 2008.
It said that any decision about the future of the site will take into account its historical importance to Guinness and to Dublin city.
It is believed that selling the site and building a new brewery would be the most cost effective way for the company to upgrade its brewing facilities and it is estimated that the 55-acre site could fetch up to €1bn if sold.
The Guinness Brewery has operated at St James's Gate since 1759 and is Ireland's most popular tourist attraction.
Sales of Guinness fell about 7% in Ireland in the final six months of last year.
David Gosnell, Diageo's managing director for global supply, said it would be 2008 at least before the company completes its review.
'Diageo fully recognises the huge importance of St James's Gate in the history of Guinness and Dublin city and this important aspect of our brand and heritage will be fully embraced in the assessment,' he said.
Guinness is brewed at almost 50 sites around the world but 500 million litres of the stout are still produced at St James's Gate.
