Vol. 558 No. 1
297 Mr. J. O'Keeffe asked the Minister for Communications, Marine and Natural Resources the net financial return to the State arising from the sale of the INPC facilities at Whitegate and Whiddy Island, Bantry, County Cork. [23267/02]
The sale of the business and commercial assets of the Irish National Petroleum Corporation, INPC, to Tosco Corporation was completed on 16 July 2001. While the terms of the sale included a payment by the purchaser of a headline consideration of $100 million, it was always envisaged that the net proceeds would be substantially less, having regard to a number of factors, including the retention of INPC's existing debt.
It is not possible at present to determine conclusively the net financial return to the State as certain outstanding issues which are being actively pursued by INPC have yet to be finalised. However, an interim payment of €20 million was made to the Minister for Finance on 28 March 2002. INPC expects to make a further payment on account before the end of the year, and hope to be in a position to finalise the matter during 2003.
