The sale of the Whitegate refinery in Cork harbour and the Whiddy Island oil terminal in Bantry to the US-based Tosco Corporation has been approved by the Cabinet at a meeting in Killarney today.
Tosco will pay $100 million for the asserts of the Irish National Petroleum Company and said it will retain the existing operations for at least 15 years.
Fine Gael Enterprise spokesman Mr Jim Higgins has requested a meeting of the Joint Committee on Public Enterprise to discuss the sale.
"We have to be satisfied that the deal is right for the economy, the consumer and workers." Mr Higgins said.
He said his party is concerned that the State may not receive the full $100 price tag as the Government has agreed to take on INPC's outstanding debt.
Mr Higgins The State is guaranteeing that it will cover certain potential environmental liabilities and the Minister for Public Enterprise must spell out the exact details of what is involved."