Wednesday 21 November 2018

Cabinet to move Irish oil reserve from UK

The Cabinet will this week sign off on a dramatic plan to remove all of Ireland’s oil reserves from the UK as the Government ramps up its contingency plans for Brexit.. Stock image
The Cabinet will this week sign off on a dramatic plan to remove all of Ireland’s oil reserves from the UK as the Government ramps up its contingency plans for Brexit.. Stock image
Philip Ryan

Philip Ryan

The Cabinet will this week sign off on a dramatic plan to remove all of Ireland's oil reserves from the UK as the Government ramps up its contingency plans for Brexit.

The move will see tankers filled with Irish oil transferred from British refineries and brought back to Ireland or to other EU member states.

Ireland stores almost 200,000 tonnes of oil in the UK but for national security reasons this will now be removed ahead of Britain leaving the EU.

"We pay for storage there so that will have serious implications for UK refineries who have stored our oil for almost two decades," a senior Government source said.

Removing Ireland's oil from Britain is one of the most significant Brexit decisions the Government has taken.

Sunday Independent

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