Sunoco LP (NYSE:SUN) is buying the oil terminal on Whiddy Island, Bantry Bay, Co Cork, from its owner, Canada-based, London- and Oslo-listed Zenith Energy Ltd. (LSE:ZEN). Whiddy Island is Ireland s biggest liquid fuels terminal and one of several in the Republic used by the State's National Oil Reserves Agency, which did not comment on the deal. News of the sale is likely to spark reaction locally as the business employs more than 30 workers and Zenith had widely flagged plans to invest in green hydrogen and ammonia production at the site, alongside Cork company EI-H2.

Seán Kelly, Ireland South MEP, just days ago queried whether progress had been made on the project, originally announced in 2021. The Whiddy operation is a subsidiary of Zenith Energy Netherlands B.V., the entity that Sunoco is buying, which also owns oil terminals in Amsterdam, one of Europe s biggest ports. Neither party revealed the price pending completion of the deal.

Sunoco predicted that shareholders would see a boost from the transaction within a year of its closing, which is likely to be over the next three months.