Applegreen has agreed to acquire a 50% share in the Joint Fuels Terminal in Dublin port from the Topaz Energy Group for around €15.7m which will be funded from existing resources.
The acquisition is subject to the satisfaction of a number of conditions including the approval of the Competition and Consumer Protection Commission. The transaction is expected to complete in Q1 2017.
The Joint Fuels Terminal, which is 50% owned by Valero Energy (Ireland) Limited, is one of three fuel importing facilities in Dublin port. The interest being acquired was previously owned by Esso Ireland. The proposed acquisition provides Applegreen 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.
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