The Whitegate facility is Ireland's sole refinery, processing up to 75,000 barrels of crude oil per day and producing transportation and heating fuels such as gasoline, diesel and kerosene.
The transaction is expected to close by the end of the third quarter as soon as all conditions of the sale have been met.
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Sinn Féin TD for Cork East Pat Buckley said it is "good news" for the people of east Cork and Cork county.
He said: "The Refinery contributes over €100 million to the local economy and is a vital piece of Ireland's infrastructure. Job certainty for the 160 employees who are directly employed at the plant is to of crucial importance and there are at least another 440 jobs created in the area indirectly.
"This decision will also let Ireland have some control of the pricing of our fuel which is of great importance in such a volatile industry."
(CD/JP)
