The State will be responsible for the Irish National Petroleum Corporation's existing debts, if the proposed sale to Tosco Corporation for $100 million (€116.7 million) goes ahead.

The Minister for Public Enterprise, Ms O'Rourke, said the sale to Tosco "is the best deal available after an extensive search process". The sale involves the disposal of the business and the Whitegate Refinery and Whiddy Oil Terminal.

She said, however: "No binding commitments will be made by the State in relation to the proposed transaction unless and until I am satisfied that shareholder concerns have been fully addressed and the required legislation has been enacted".