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Written Answers. - Sale of Company.

Tuesday, 26 November 2002

Dáil Éireann Debate
Vol. 558 No. 1

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 297. Mr. J. O'Keeffe Information on Jim O'Keeffe Zoom on Jim O'Keeffe  asked the Minister for Communications, Marine and Natural Resources Information on Dermot Ahern Zoom on Dermot Ahern  the net financial return to the State arising from the sale of the INPC facilities at Whitegate and Whiddy Island, Bantry, County Cork. [23267/02]

Minister for Communications, Marine and Natural Resources (Mr. D. Ahern): Information on Dermot Ahern Zoom on Dermot Ahern The sale of the business and commercial assets of the Irish National Petroleum Corporation, INPC, to Tosco [249] Corporation was completed on 16 July 2001. While the terms of the sale included a payment by the purchaser of a headline consideration of $100 million, it was always envisaged that the net proceeds would be substantially less, having regard to a number of factors, including the retention of INPC's existing debt.

It is not possible at present to determine conclusively the net financial return to the State as certain outstanding issues which are being actively pursued by INPC have yet to be finalised. However, an interim payment of €20 million was made to the Minister for Finance on 28 March 2002. INPC expects to make a further payment on account before the end of the year, and hope to be in a position to finalise the matter during 2003.


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