Joan Burton (Dublin West, Labour)
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Question 195: To ask the Minister for Communications, Marine and Natural Resources the amount paid to date to the Exchequer in respect of the sale of the Whitegate refinery and the Bantry storage terminal; the amount of the balance which remains outstanding; when he expects that this will be paid; if he is satisfied at the rate of payments; and if he will make a statement on the matter. [34359/05]

Noel Dempsey (Meath, Fianna Fail)
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It is currently estimated that the final net return to the Exchequer arising from the sale of the business and commercial assets of the Irish National Petroleum Corporation, INPC, will be of the order of some €30 million. The INPC has already paid €20 million to the Exchequer.

In November 2003, the board of the INPC, cognisant of its obligations under the Companies Acts to retain sufficient assets to meet potential liabilities, determined that it would not be appropriate to make a further payment to the Exchequer at that stage as a number of outstanding matters had yet to be resolved. These ongoing matters, comprising environmental claims lodged against the INPC and a contractual dispute with a former customer, have potential financial implications and consequently the INPC is not currently in a position to divest itself of its remaining financial assets. As the claims and the dispute are day-to-day matters for the INPC it is not appropriate for me to elaborate further on them. However, I assure the Deputy that they are being robustly defended by the INPC, with the benefit of expert legal and technical advice.

Given the involvement of third parties in the unresolved matters, neither the INPC nor my Department is in a position to indicate when the remaining proceeds may become available. It has always been accepted that the total cash return to the Exchequer arising from the INPC transaction would be considerably less than the headline sale price of US$100 million as the INPC had, for example, to use some of the proceeds to discharge the company's debt.

I am satisfied that the transaction represented a very positive outcome for the State, particularly having regard to the fact that the Government also placed as a condition of the sale an obligation on the purchasers and any successors to operate the refinery and the oil terminal on a fully commercial basis for a period of at least 15 years.