Canadian energy company Irving Oil is conducting a strategic review of its operations, potentially leading to the sale of assets such as the Whitegate oil refinery in Cork. The company is considering various options, including a new ownership structure, full or partial sale, or changes to its asset portfolio. The review comes amid challenges faced by the global oil industry, including the shift towards cleaner energy sources. If Whitegate is sold, it would have a significant impact on Ireland's energy security. The government is closely monitoring the situation and committed to ensuring a secure and sustainable energy supply.
Canadian energy firm Irving Oil has begun a strategic review of its operations, which could lead to the sale of key assets, including the Whitegate oil refinery in Cork.
The family-owned company said it is considering a range of options for the future of its business, including a new ownership structure, a full or partial sale, or changes to its asset portfolio.
Irving Oil acquired Whitegate in 2016. The refinery, which first opened in 1959, supplies approximately 40% of Ireland's transport and heating fuel.
The review comes as the global oil industry faces a number of challenges, including the transition to cleaner energy sources.
The outcome of the review is uncertain, but it is possible that Whitegate could be sold to a new owner. If this were to happen, it would have a significant impact on Ireland's energy security.
The government has said that it is "monitoring the situation closely" and that it is "committed to ensuring that Ireland has a secure and sustainable energy supply."