The Government has received "little more than a pittance" for the State-owned oil refinery it sold to a US oil corporation three years ago, according to a Labour TD.
The Irish National Petroleum Corporation (INPC), which operated the Whitegate Oil Refinery and the Whiddy Oil Terminal in Cork, was sold to oil giant ConocoPhillips in July 2001 for €117 million.
The State has received only €20 million to date, however, while the payment of a further €10 million is at the centre of a series of environmental claims and contractual disputes.
The Government agreed at the time of the sale to absorb the INPC's debts and environmental liabilities. It did not disclose the estimated liabilities at the time, however. Records released under the Freedom of Information Act at a later date showed the US company successfully sought from the Government an €80 million indemnity against any pollution-related liabilities.
A Labour Party spokesman, Mr Tommy Broughan, yesterday called on the Minister for Communications, Marine and Natural Resources, Mr Dempsey, to give full details of the environmental claims.
"This is a very unsatisfactory situation. A US multinational has acquired the very substantial assets of the INPC for little more than a pittance.
"There is no indication as to when the balance of the money will be paid over and it seems it will be well short of the figures given to the Dáil at the time," he said.
Mr Dempsey, however, said it had always been accepted the total cash return arising from the transaction would be considerably less than the headline sale.
"I am satisfied, however, that the transaction represented a very positive outcome for the State, particularly having regard to the fact that the Government also placed an obligation on the private owners to operate the facilities for a period of at least 15 years as a condition of the sale," he said in response to a parliamentary question last week.
The Minister said that given the involvement of third parties in the unresolved matters, the Department was not in a position to indicate when the remaining proceeds from the sale may become available.
The INPC has directed media queries towards the Department, while ConocoPhillips declined to comment.
