Construction News

03/07/2014

Call For Ireland's Oil And Gas Extraction To Benefit The Public

Sinn Fein is calling for Ireland's oil and gas extraction to benefit the public and not the private industry.

The party's spokesperson on Communication, Energy and Natural Resources Michael Colreavy said Ireland's offshore oil and gas reserves have the long term potential to be a significant source of revenue for the economy.

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He said: "As new technologies emerge and develop, along with the rising price of oil and gas, reserves that were previously dismissed are now becoming commercially viable.

"The changes to the fiscal regime announced recently by Minister Rabbitte are welcome in some respects.

"It shows that those who protested against Ireland's poor tax terms on offshore oil and gas have been proved correct."

(CD/MH)

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