Sobeit I received this response from the minister for Energy & Natural resources over a month ago. It's good to see that he is taking an interest in the future of Whitegate refinery & knows that Barryroe exists. At least there is some information forthcoming in relation to Barryroe & knowledge that we have an oil asset off our coast. Its good to see the Energy minister can give us some information as for PVR and our imminent farm out and all these interested parties one can only wonder. HQ as silent as mice...
Whitegate's operating loss for 2014 reported at $148m, or over $5/bbl at full throughput (more at likely reduced throughput). However, as the accounts will have been prepared on FIFO stock valuation, approx $100m of this would be stock-carrying loss (based on say 200kts crude/product) assuming the stocks were unhedged. Big suppositions I know, but shows how figures are open to interpretation.
Let industry Carry the risk and let the state do zippo except use buzz words like 'robust ' 'fit-for-purpose ' 'transparent ' .... Imagine the EMirs of Dubai having the same attitude to oil? How about the govt growing a pair.
Unfortunately, barring a miracle, the process units will be mothballed and the facility run as a product storage and inland distribution terminal. Its storage is necessary to continue to meet EU/IEA commitments and there is a sizeable and efficient roadloading facility. Whatever the future of Barryroe, it is extremely unlikely to have freight saving economics sufficient to offset the permanently uncompetitive refining process margins. As a subsidiary issue, I have seen nothing from the refinery on the chemical suitability of the crude, either relating to storage or process.
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