Jim O'Keeffe
Question:28 Mr. J. O'Keeffe asked the Minister for Public Enterprise the financial returns to the State arising from the sale of the INPC facilities at Whitegate and Whiddy Island, Bantry, County Cork. [24319/01]
Written Answers. - INPC Sale.
The sale of the business and commercial assets of the Irish National Petroleum Corporation, INPC, to Tosco Corporation was completed on 16 July 2001. The terms of the sale included a payment by the purchaser of a headline consideration of $100 million. However, the net proceeds to the State will be substantially less, after taking account of a number of factors, including the retention of INPC's existing debt and the costs associated with an ESOP for the workforce.
At present, a number of outstanding issues arising under the sale and purchase agreement between INPC and Tosco Corporation are in the process of being finalised. Until all such issues have been fully resolved, the net financial proceeds from the sale cannot be determined conclusively.