Vol. 574 No. 1
175 Mr. Rabbitte asked the Minister for Communications, Marine and Natural Resources the total amount paid to date to the Exchequer in respect of the sale of Whitegate Oil Refinery and the Bantry storage terminal; the balance which remains outstanding; when he expects that this will be paid; if he has satisfied himself at the rate of payments; and if he will make a statement on the matter. [26281/03]
It is estimated that the final net return to the Exchequer arising from the sale of the business and commercial assets of the INPC will be between €30 million and €40 million. The INPC has already paid €20 million to the Exchequer. As I advised the House on a number of occasions, and most recently in my reply of 7 October 2003, the company is not yet in a position to determine definitively and pay over the final balance because a number of outstanding matters have still to be resolved. As these matters, comprising chiefly environmental claims and a contractual dispute, have potential financial implications, the INPC, having regard to the Companies Acts, is not currently in a position to divest itself of its remaining financial assets. As these matters relate to day-to-day operations for the INPC it is not appropriate for me to elaborate on them further at this stage.
It has always been accepted that the total cash return to the Exchequer arising from the INPC transaction would be considerably less than the headline sale price of $100 million as the INPC had, for example, to use some of the proceeds to discharge the company's debt. I am satisfied, however, that the transaction represented a very favourable outcome for the State.
