OREANDA-NEWS. US refiner Phillips 66 expects to sell its 72,000 b/d Whitegate refinery in Ireland before the end of the year.

Phillips has been looking to sell Whitegate since late last year, but was contractually obliged to ensure the plant kept running until July. Terms of sale agreed with the Irish government in 2001 expired today.

Phillips 66 said the refinery is still operating, and there is "significant interest" among potential buyers. "We anticipate closing [a deal] during the second half of 2016 if appropriate value is achieved and after customary government approvals," a company spokesman said.

Phillips 66 initially put the Whitegate refinery and associated marketing business up for sale in June 2013, dropped the idea in April 2014 and tried again the following year.

The Irish government supports the continued running of the refinery. Energy minister Dennis Naughten cited energy security and economic motivations in response to a written question to the Irish parliament on 19 July. Whitegate is Ireland's only refinery and supplies 25-30pc of the country's product requirement. It processes light, low-sulphur crudes mainly from the North Sea, north Africa and west Africa.