Annual pretax losses have climbed by 36 per cent to $17 million (€14.18 million) at the Irish unit of the US oil giant ConocoPhillips, operator of the former State oil plants at Whitegate and Whiddy in Cork.
The rising losses came despite strong sales growth at the company, owner of the assets of the former Irish National Petroleum Corporation (INPC).
The State-owned company was acquired in 2001 for €20 million by the Tosco corporation, which subsequently merged with Phillips.
ConocoPhillips was formed after the merger of Phillips with Conoco.
The latest accounts for ConocoPhillips Ireland Ltd say the group has still not agreed with the Government the "final financial effect" of a number of unspecified items outstanding from the Tosco deal.
A spokesman for the company, when contacted, did not return a telephone call yesterday.
However, a spokeswoman for Minister for Energy Noel Dempsey said the exchequer had yet to realise €10-€15 million from assets that still remain in the INPC.
This is because of certain claims, some of them environmental, that were outstanding against the State company.
Signed off less than a month ago, the accounts indicate that ConocoPhillips Ireland made a provision of $4.46 million last December for a restructuring programme that was to reduce its staff by 33 this year.
The company employed 215 at the beginning of the year, five less than a year earlier.
The latest restructuring provision follows restructuring costs of $1.7 million in 2003, mainly severance-related, and other restructuring costs of $2 million at a subsidiary, ConocoPhillips Bantry Bay Terminal Ltd.
In addition to the Whiddy oil terminal in Bantry Bay, the company owns the Whitegate refinery based at Cork harbour.
The accounts show that sales rose to $1.079 billion in 2004 from $822.43 million in 2003.
While the operating loss from ordinary activities rose to $3.8 million from $1.25 million, the pretax loss grew to $17 million from $12.42 million.
The company had retained losses of $39.57 million at the end of 2004 and it deducted $17 million from its reserves after the losses were recorded.
While there was no dividend, the directors noted in a report with the accounts that the company had completed the installation of a gasoil hydro refiner, which the directors described as a "significant investment".
