Phillips 66 said on Tuesday it is to sell Ireland's only refinery, another blow to Europe's ailing oil refining industry.An analyst said it was likely the 71,000 barrels per day Whitegate facility in Cork would have to shut as it will be hard to find buyers for it."The odds of a buyer emerging look slim," said Seth Kleinman, head of energy research at Citigroup."Phillips 66 intends to continue operating the assets as usual during the marketing process, which is expected to last for several months," company spokesman Rich Johnson said in a statement.
Phillips 66 is a holding company. The Company is engaged in producing natural gas liquids (NGL) and petrochemicals. Shares of PSX fell by 1.01% or $-0.66/share to $64.45. In the past year, the shares have traded as low as $31.29 and as high as $70.52. On average, 4515420 shares of PSX exchange hands on a given day and today's volume is recorded at 993823.
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