As I advised the House in my reply of 15 April 2003 to Question No. 66, the agreement of the purchasers is not required to finalise payments to the exchequer in this instance. All payments due from the purchasers were made to the vendors, the Irish National Petroleum Corporation, INPC, at the time of the sale of INPC's business and commercial assets in July 2001.
Having regard to the terms of the sale, which involved the retention by the INPC of the company's existing debt and a number of other responsibilities having financial implications, it is estimated that the final net return to the exchequer will be between €30 million and €40 million. Of this amount, which represents a very positive financial outcome for the State, INPC has already paid €20 million to the exchequer. The company is not yet in a position to definitively determine and pay over the final balance because a number of outstanding matters have still to be resolved. These matters, comprising chiefly of environmental claims and a contractual dispute, have potential financial implications. Until these matters have been finalised the INPC, having regard to the Companies Acts, will not be in a position to divest itself of its remaining financial assets.