Ireland
UK
Scotland
London
Energy Minister, Pat Rabbitte, has published a report into the future of Oil Refining in Ireland.
He said that he had commissioned the report "as a proactive measure, well in advance of the expiry of Whitegate's refining obligation in 2016".
The report – "Study of the Strategic Case for Oil Refining Requirements on the Island of Ireland" has recently been considered by Government.
Minister Rabbitte said: "The Government's primary conclusion on the strategic case for oil refining is that the presence of an operational refinery on the island of Ireland provides flexibility enhancing the options available to the State in the event of an oil supply disruption by providing an alternative source of product thus mitigating a complete reliance on product imports. As such, the continued operation of the Whitegate refinery on a commercial basis is highly desirable. An operating refinery also adds value to the Irish economy and provides significant employment.
"In light of this, the Government has agreed that my Department should liaise with the Irish oil industry and appropriate public bodies to determine available policy options that might facilitate the commercial future of refining in Ireland. I will revert to Government for further consideration of these options in due course."
The study was carried out at a time of ongoing rationalisation in the EU refining sector and, together with the analysis undertaken by the International Energy Agency (IEA) and by the EU Oil Refining Forum and Roundtables, the study has helped inform the Government's position.
The Minister noted that security of oil supply will continue to be of central importance to the Irish economy and society into the medium term. Oil comprised 59% of total final energy consumption in Ireland in 2011. He said that while significant efforts are underway to improve energy efficiency and increase renewable energy, it is clear, particularly in the heating and transport sectors, that oil will play a pivotal role in the economy for some years to come.
(CD/JP)
