Irish forecourt operator Applegreen is to acquire a 50 per cent stake in a Dublin fuel terminal from the Topaz Energy Group for €15.7 million.
The Joint Fuels Terminal in Dublin Port, which is jointly owned by Topaz and Valero Energy, is one of three fuel importing facilities in the capital. The interest being acquired by Applegreen was previously owned by Esso Ireland. The company said it is to fund the acquisition, which is subject to competition clearance approval, from existing resources.
Applegreen said the deal would provide it with the facility to import fuel directly from refineries, “thereby securing a strategically valuable platform that provides a competitive supply for the majority of its Irish fuel requirements”.
The acquisition is expected to be earnings accretive from 2017, it added.
Applegreen currently operates in more than 200 locations, including 133 forecourts in the Republic of Ireland and over 60 in the UK.
