Irving Oil is considering selling its Whitegate oil refinery in Cork as part of a strategic review of its operations. The refinery supplies 40% of Ireland's fuel and the potential sale could impact the country's energy security. The government is closely monitoring the situation to ensure a secure 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."