asked the Minister for Industry and Energy if his attention has been drawn to a statement (details supplied) by a leading oil economics expert at a conference on off-shore oil operations in Drumoland Castle; and if he will make a statement on the matter.
Written Answers. - Statement by Oil Expert.
114.
I have seen the newspaper reports to which the Deputy refers. I am assuming that the reference he has in mind is to the economics of investment in new refineries.
It has been evident for some time that the recent state of the oil market, involving a serious cut-back in oil production in the Middle East and substantial overcapacity in refining, particularly in Europe, have significantly affected the climate for investment in new refining facilities. I have no doubt that this situation will be a very relevant factor in any future plans of the two interests which have been mentioned as possible promoters of refineries on the Shannon Estuary.