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Ireland's only refinery back on the market-Examiner

Reuters - UK Focus

LONDON, Nov 24 (Reuters) - Phillips 66 (Hamburg: 18376318.HM - news) has put Ireland (Other OTC: IRLD - news) 's Whitegate refinery up for sale more than a year after taking the country's only refinery only plant off the market having failed to find a buyer, the Irish Examiner website reported on Tuesday.

The U.S (Other OTC: UBGXF - news) . oil refiner tried to sell the 75,000 barrel per day plant near Cork last year amid low refining margins, but failed to attract strong enough bids.

"Phillips 66 has decided to seek a buyer for its 71,000 barrel-per-day Whitegate Refinery and associated wholesale marketing business in Ireland," a company spokesperson was quoted as saying.

Phillips 66 abandoned its attempt to sell the plant in April (LSE: 0N69.L - news) last year after failing to find a buyer amid low refining margins and overcapacity in the region.

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Refining margins have improved this year as demand has picked up and the cost of crude oil has slumped, which may make the environment for asset purchases more attractive.

"We've seen a stronger margin in the Atlantic Basin this year and Whitegate has been performing well in this environment," the Phillips 66 official was quoted as saying by the Examiner.

Phillips 66 was not immediately available for comment.

For more click here: http://www.irishexaminer.com/business/whitegateoil-refineryback-on-the-market-after-263m-loss-366699.html (Reporting by Simon Falush; Editing by Greg Mahlich)