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Irish refinery 'off the market'

THE company that owns Ireland's only oil refinery has said it is "essentially off the market" after it failed to sell the refinery.

Greg Garland, chief executive of parent company Phillips 66, said the sales process for the Whitegate refinery in Co Cork had been a failure.

The Texas-based company scrapped the sale in March and said yesterday that it would continue to run the refinery, which has operated in East Cork for nearly 55 years, as usual.

It's been speculated that a closure could be on the cards if a buyer isn't found.

"Phillips 66 will continue operating the refinery as usual while identifying opportunities to enhance returns from this business," a spokesman told the Herald.