Bord Gais is poised to appoint the chief executive of the Irish National Petroleum Corporation (INPC), Mr Paddy Power, as its new chief executive, The Irish Times has learned. Mr Power will replace Mr Philip Cronin, who retires on July 13th.

Mr Power, from Co Kerry, has led the State-owned energy company which manages the national oil reserve since 1998. He previously worked at Marathon, the publicly-quoted energy group, at the Kinsale gas field, in Indonesia and, most recently, in the US.

While it is believed that Mr Power was not in the first group of shortlisted candidates to be interviewed, two people familiar with the situation said they believed the details of his appointment were being finalised.

Separately, a spokesman for the INPC said he was unable to confirm or deny that Mr Power's departure was imminent. Mr Power was unavailable to comment yesterday as he was out of the State on business.

A Bord Gais spokeswoman said she had not been informed that the State-owned company's board had made any decision on the appointment.

Mr Power faced competition from a number of internal candidates, but it is thought that his experience in the private sector was regarded as crucial. Bord Gais is facing increasing competition and may be floated.

Bord Gais has been asked by the Minister of State at the Department of Public Enterprise, Mr Joe Jacob, to submit proposals on its future strategic direction and options for alternative ownership.