Ruairi Quinn (Dublin South East, Labour)
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Question 311: To ask the Minister for Communications, Energy and Natural Resources the amount paid to the Exchequer to date in respect of the sale of the Whiddy Oil Refinery and the Bantry storage terminal; the amount which remains outstanding; when he expects same to be paid; and if he will make a statement on the matter. [19607/07]

Eamon Ryan (Dublin South, Green Party)
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The Irish National Petroleum Corporation Limited (INPC) business and commercial assets were sold on 16 July 2001. The INPC was paid in full for these assets by the purchaser on 16 July 2001.

A legal undertaking by the purchaser, and its successors, to operate the facilities on a fully commercial basis for at least 15 years was a key element of this transaction.

While the headline payment figure was $100 million (€117 million) for the 2001 transaction, it was always accepted that the net cash return arising from the transaction would be considerably less as the INPC was obliged to utilise most of the proceeds to discharge the company's significant debt (circa €88 million). After taking account of all the company's matured liabilities it was estimated that the INPC would have funds in the region of €30 million.

While the INPC paid €20 million to the Exchequer (2002), the company is not in a position to pay over remaining balances as, under company law, it must retain sufficient assets to meet potential liabilities. The INPC retains rights and obligations under the terms of the sale and purchase agreement (SPA) relating to the 2001 transaction. It is the INPC's responsibility to enforce any INPC rights and defend and/or negotiate any claims made as and when they arise.

I would refer the Deputy to the annual reports and accounts of the INPC, laid before the Oireachtas, for the years 2001 to 2005. The 2006 annual report and accounts will be available in the near future.