Ireland set to remove oil reserves from Britain as Brexit deadline looms closer
Ireland set to remove oil reserves from Britain as Brexit deadline looms closer
Tankers will transport Irish oil back home or to other EU member states as Government braces itself for a 'no-deal' scenario
Philip Ryan Twitter Email
The Cabinet will this week sign off on a dramatic plan to remove all of Ireland's oil reserves from the UK as the Government ramps ups its contingency plans for Brexit.
The move will see tankers filled with Irish oil transferred from British refineries and brought back to Ireland or to other EU member states.
Ireland stores almost 200,000 tonnes of oil in the UK but for national security reasons, this will now be removed ahead of Britain leaving the EU.
"We pay for storage there so that will have serious implications for UK refineries who have stored our oil for almost two decades," a senior Government source said.
Exporting Ireland's oil reserves from Britain is one of the most significant Brexit-related decisions which the Government has taken to date.
Tanaiste and Foreign Affairs Minister Simon Coveney will present detailed Brexit contingency plans to his Cabinet colleagues when they meet in Derrynane House in Co Kerry on Wednesday.
Mr Coveney will set out the need to hire hundreds of new customs and veterinar ian staff to police airports and ports if an exit deal cannot be reached between the EU and the UK.
He will also highlight the need for major investment in customs infrastructure in the case of a 'no-deal' Brexit. The Cabinet is also expected to discuss the budget implications of Britain crashing out of the EU in March.
However, the main decision taken at the meeting will be on removing Ireland's oil reserves from the UK.
Under EU laws, every member state is obliged to have 90 days of oil reserves in case of national emergency.
For Ireland, this amounts to almost 1.5m tonnes of oil which includes petrol, diesel, gas oil, kerosene and jet engine fuel.
Around 1m tonnes of Ireland's oil reserves are held in ports around the country while the remaining 500,000 tonnes are kept in Britain, Holland, Denmark and Spain.
Once removed from the UK, the oil will be transferred either back to Ireland or to one of the EU countrie s which store Ireland's reserves.
It is also understood the Government has explored the possibility of France storing our oil. The Government could also remove the country's oil reserves from the UK through trade deals.
This would involve shifting ownership of oil reserves in other EU member states.
For example, ownership of British oil in France could be switched to Ireland and some of the Government's reserves could be left in the UK.
The Government has advanced its contingency planning after the EU Commission's Brexit prepardness unit issued instructions to member states to prepare for a 'no-deal' scenario.
"Drawing up contingency plans for the worst possible outcome is not a sign of mistrust in the negotiations," the document stated.
"The European Commission hopes for an agreement and devotes very significant resources and committed efforts to achieve this goal. Negotiations, on the other ha nd, can fail."
There are huge concerns in Government that Britain will come crashing out of the EU next March with no customs or trade deal.
The move would cause chaos in Irish ports and airports with huge delays expected for airline passengers and truck drivers.
A Department of Foreign Affairs spokesperson said the contingency plans focus on Ireland's east-west relationship with Britain and no proposals will brought to Cabinet relating to the border with Northern Ireland.
"There are no contingencies plans for a return of a border. We consider the UK's guarantee on that to be universal in all circumstances," the spokesperson said.
Writing in The Irish Times yesterday, Mr Coveney said: "The memo I will bring to Cabinet next week is about being ready for the change that is coming".
"We are particularly focused on the areas where the Government has direct responsibility and on measures that need to be taken on an east-west basis, such as customs and veterinary controls at ports and airports," he added.
Sunday IndependentFollow @Indobusiness
Apocalyptic no-deal Brexit predictions are starting to look hollow
Richard Curran Paschal Donohoe has been warning about the dangers of a no-deal Brexit, saying around 40,000 Irish jobs would go. His dark warnings are grounded in various studies conducted since that awful day in...
Brexit fears prompt 150 applications for Central Bank licence
Dearbhail McDonald, Group Business Editor More than 150 financial services firms have applied for authorisations from the Central Bank to operate in Ireland and license new products here in the wake of Brexit.
Cabinet to move Irish oil reserve from UK
Philip Ryan The Cabinet will this week sign off on a dramatic plan to remove all of Ireland's oil reserves from the UK as the Government ramps up its contingency plans for Brexit.
- Most Read
- Most Shared
Waiting in the wings? Tory runners and riders Brexit
'I'm leaving UK to get away from Brexit lies,' says Cleese Brexit
Theresa May is doing a 'fantastic' job on Brexit - Donald Trump backtracks on blueprint... Brexit
How Donald Trump's trade comments could impact firms in the UK Brexit
UK White Paper on Brexit released amid chaotic scenes in Parliament Brexit
WATCH: Over 100 Kate Bush fans dress up in Dublin for The Most Wuthering... Have You Seen
Israeli minister calls for 'immediate closure' of country's embassy in Ireland Politics
Liverpool fan Sean Cox 'regains consciousness' three months after assault Irish News
'I could see a hand holding a phone below my dress with a flash light' - the realities and... Irish News
The Big Tech Show: Huawei vs Apple vs Samsung - the great cameraphone face-off News
Waiting in the wings? Tory runners and riders
Theresa May has survived the week but her leadership remains under threat following...
How Donald Trump's trade comments could impact firms in the UK
President Donald Trump has attacked Theresa May's...
Theresa May is doing a 'fantastic' job on Brexit - Donald Trump backtracks...
US President Donald Trump said on Friday he looked...
Warning 'strong' UK food exports vulnerable to hard Brexit
Food exports by Enterprise Ireland clients increased by...
'It's a step towards a much softer Brexit' - Simon Coveney welcomes UK blueprint
The British have moved a âstep in the right directionâ on...
UK White Paper on Brexit released amid chaotic scenes in Parliament
The Irish government has given a cautious welcome to...
'I'm leaving UK to get away from Brexit lies,' says Cleese
'Monty Python' comic John Cleese says he is moving to the Caribbean in November in protest...
Slew of resignations in UK 'a good week for Brexit' - Simon Coveney
Tanaiste and Minister for Foreign Affairs Simon Coveney...
Airbus chief backs Theresa May's Brexit stance as plane-maker gives boost to...
Airbus chief executive Tom Enders gave his backing to the...
'We will remain united with EU' - Government refuses to isolate itself to help UK
The EU will remain united despite turbulent negotiations...
WATCH: This amazing AR experience from Audi is a world-first and it's right here in Dublin
WATCH: Victorian beauty charms with view
Stand on the terrace of Summerhill in Killiney on a clear summer's day and you...
GALLERY: 'Buoyant' business for the fat of the land
'Buoyant ' was the word that mart managers of both in Tullow and Carnew...
Gallery: Tractor becomes a symbol of resistance as Catalan farmers block streets and protect polling stations
In Pictures: Day one at the National Ploughing Championships in Tullamore
IFA 2017 tech fair in Berlin
Businessman and socialite David Tang dies at 63
In pictures: Characters of the Super Comic Con at London's Business Design Centre
Life Ending Industry EXPO 2017
Social Entrepreneurs Ireland Bootcamp 2017
In pictures: All Ireland Marketing Awards 2017
See stunning pictures of silage work beside Newgrange
Stunning pictures taken last week Newgrange Farm, Slane Co Meath show silage being...Source: Google News Ireland | Netizen 24 Ireland