The Government was dubious about the offer of a $1bn investment in the Whitegate oil refinery and Whiddy Island oil terminal in Cork from a group of Saudi investors in the mid-1990s because the plans were “sketchy", while their advisors showed a “lack of technical and business competence”. As part of their plans, they proposed to transfer crude oil shipped to Whiddy via a pipeline to Whitegate. File Picture: Denis MinihaneHowever, a Saudi banker advising the group had not passed on Mr Cowen’s letter. The ambassador also pointed out that the group’s advisers had not been impressive and some of their information had been incorrect. Ultimately the Government announced in March 1995 that the INPC was investing IR£18m to restore the Whiddy oil terminal following a devastating fire at the facility in 1979.

Source: Irish Examiner December 30, 2025 00:50 UTC