Vol. 537 No. 3
116 Mr. Stanton asked the Minister for Public Enterprise the amount of refined petroleum product in each of the categories produced in the State each year for the past four years; the monetary value in each case; and if she will make a statement on the matter. [16273/01]
As there is only one undertaking in the State involved in the oil refining business, the information sought by the Deputy is subject to commercial confidentiality.
117 Mr. Stanton asked the Minister for Public Enterprise the profits or otherwise made by a company (details supplied) each year for the past four years; the projected profits in the current year; and if she will make a statement on the matter. [16271/01]
118 Mr. Stanton asked the Minister for Public Enterprise the annual amount that she intends to pay to the proposed purchaser of the assets of a company (details supplied) in respect of the annual leasing arrangements regarding the National Oil Reserves Agency; and if she will make a statement on the matter. [16274/01]
119 Mr. Stanton asked the Minister for Public Enterprise if, further to Parliamentary Question No. 139 of 22 May 2001, she will give the current liabilities of a company (details supplied); and if she will make a statement on the matter. [16275/01]
120 Mr. Stanton asked the Minister for Public Enterprise if, further to Parliamentary Question No. 139 of 22 May 2001, she will outline the potential environmental liabilities that she intends to cover by Ministerial guarantee in relation to the sale of a company (details supplied); the proposed cost of this; and if she will make a statement on the matter. [16276/01]
121 Mr. Stanton asked the Minister for Public Enterprise if, further to Parliamentary Question No. 139 of 22 May 2001, she will detail the business and assets of a company (details supplied) that she intends to dispose of in the proposed sale mentioned in her reply; and if she will make a statement on the matter. [16277/01]
I propose to answer Questions Nos. 117 to 121, inclusive, together.
The Irish National Petroleum Corporation operated the Whitegate Refinery with the benefit of a mandatory offtake regime at cost covering prices. This regime is being dismantled in the context of the sale of the assets of the company and this will result in economic savings of nearly £15 million per annum.
While INPC disclosed modest surpluses in some recent years as shown in its consolidated published annual results, available in the Library – up to, and including, the 1999 accounts – it is doubtful if these can be regarded as profit in the true sense of the word. If the income from the mandatory regime is excluded the aggregate position is worse than break even. The results for 2000 are due to be published in about eight weeks. Its trading performance in the current year is much better than normal due to a combination of favourable circumstances.
The National Oil Reserves Agency, NORA, is responsible for national strategic oil stocks. It negotiates storage contracts with a variety of companies, several of which are outside the country. In these circumstances, publication of storage rates is commercially sensitive for them. They are entering into arrangements with the new owners, as they had with INPC, and I am assured by the Chairman of NORA and by independent advisers that these arrangements are commercial for NORA.
The main ingredient in the current liabilities of INPC relates to the syndicated loan to upgrade the refinery to meet modern environmental standards which stands at £70 million approximately.
The position about environmental liabilities and about the business and assets is unchanged since I replied to Questions Nos. 138, 139, 140 and 141 on 22 May 2001.
