Tuesday, 1 July 2014
Department of Communications, Energy and Natural Resources
Irish National Petroleum Company
276. To ask the Minister for Communications, Energy and Natural Resources the functions of the Irish National Petroleum Corporation; the funding it receives from the State; and if he will make a statement on the matter. [28289/14]
Irish National Petroleum Corporation (INPC) is the State company which previously ran the Whitegate refinery and Whiddy Island oil terminal facility. It has never received Exchequer funding. The refinery and oil terminal facility were sold by the State in 2001 and it has had no Chief Executive or employees since then. The refinery and oil terminal facility are currently owned by Phillips 66.
INPC currently has a Board comprising three non-executive directors. The Board meets regularly, usually on a bi-monthly basis. There were 7 Board meetings in 2013.
Any activities undertaken by INPC are currently funded by the balance remaining from the sale. Arising out of the proceeds of the 2001 sale, the 2002 INPC Report and Accounts include a dividend of €20m to the Exchequer. Payment of the remaining balance arising from the sale is a matter for decision by the INPC Board having regard to its obligations under the Companies Acts to retain sufficient assets to meet potential liabilities (chiefly environmental claims).
The management of INPC is undertaken by the management of the National Oil Reserves Agency (NORA) under a service agreement between NORA and INPC. The principal activity of the company is the management of the retained assets, liabilities, rights and obligations arising from the sale of its business and subsidiaries in 2001 in accordance with the Sale & Purchase Agreement (SPA) entered into.