US oil company Tosco Corporation has completed the acquisition of the operating assets of the Irish National Petroleum Corporation (INPC) for $100 million (€117 million).

These assets include the Whitegate Oil Refinery in Cork and a crude oil and oil products storage complex in Bantry Bay. The INPC crude oil and products inventory is not included in the purchase price.

The Whitegate Refinery has capacity to produce 75,000 barrels of oil per day, while the Bantry Bay terminal can store 8.5 million barrels. Under the deal, Tosco has guaranteed the jobs and conditions of INPC employees for 15 years. Tosco itself is in the process of being acquired by Phillips Petroleum. The Government has allocated £8 million to allow an employee share ownership trust to buy Phillips shares on behalf of INPC staff.