The Tanaiste, Ms Harney, has cleared the proposed acquisition by Tosco Corporation of Irish Refining and Bantry Terminals, two subsidiaries of Irish National Petroleum Corporation (INPC). A third subsidiary of INPC, National Oil Reserves Agency, responsible for maintaining the national minimum oil reserves, is not affected by the deal. INPC operates the State's only refinery and is also engaged in the purchase, storage and trading of crude oil and petroleum products. Tosco is one of the US's largest independent refiners.