Irving Oil finalizes purchase of Ireland's only refinery

Irving Oil has assumed full ownership of theWhitegaterefinery in Ireland.

The company announced the successful close of its purchase agreementwith Houston-based energy, manufacturing and logistics company Phillips 66 (NYSE: PSX)to acquire the refinerynear Cork on Friday.

The deal was previously announced on Aug. 3.

Irving Oilwill continue full operation of Whitegate, Ireland's only refinery,including maintaining its existing workforce, president Ian Whitcomb said in a statement.

It employs about 160 people as well as many contract personnel, officials have said.

"This is a historic day for our company. We're thrilled to welcome new members to the Irving Oil team, serve new customers and grow our business across the Atlantic," he said.

Whitegate'srefining capacity is about 71,000 barrels per day. That's less than a third of the output of Irving Oil'srefinery in Saint John, which is capable of producing 300,000 barrels per day.

The Whitegate refinery, built in 1959,used to be owned by the state, but was privatized in 2001 and sold to Phillips 66.Its obligation to maintain the assetexpired in July.

According to the Irish Examiner, Whitegate had been losing money at a rate of $58 million US in 2013 and $280 million US in 2014.