Norwegian energy group Statoil has agreed to sell its chain of petrol stations in Ireland for around €285 million ($359 million) to Topaz Energy Group.
Private consortium Topaz, which bought Shell's Irish interests last year, saw off a late challenge from Petrogas to secure Statoil's Irish chain of 236 filling stations.
The acquisition of Statoil's fuel distribution business in Ireland includes oil importation facilities in Dublin, Cork and Galway with 12 regional depots and 69 retail service stations. Topaz is 100 per cent owned by a consortium led by Ion Equity.
Topaz chairman and Ion Equity ceo Neil O'Leary confirmed that the business was being bought as a long term investment. "Our intention is to merge the business of Statoil with the current operations of Topaz to create one of the country's leading fuels distribution businesses.
"For the first time in the history of the State an Irish owned company will have a leading position as a supplier of fuel to the market and the needs of Irish customers will be the premier driver of future strategy," said Mr O'Leary.
Statoil, which has more than 2,000 petrol stations in nine northern European countries, said in January it had begun evaluating a sale of its Irish retail business to focus on its markets in Scandinavia and eastern Europe.
Last year Topaz bought Shell's retail and commercial fuels and lubricants business in Ireland and the company now plans to merge the two businesses.