Topaz Energy Limited has confirmed the reports that began circulating in Ireland last week that it is buying Esso’s retail business in the Republic.
Under the agreement, the Topaz parent company, Kendrick Investments Limited, will purchase the shares of Esso Ireland Limited and its wholly owned subsidiaries, Ireland ROC Limited and Esso Ireland Manufacturing Company Limited.
The deal covers 38 company owned service stations and the right to supply around 60 dealer owned sites. Exxon Mobil had been trying to sell its Irish retail operations for some time.
Topaz is already the biggest player in the Republic with about 25% of the market comprising 120 company owned stations and 170 dealer-owned garages, and Esso currently supplies another 10% of the market so the deal would require regulatory approval.
Emmet O’Neill, incoming chief executive of Topaz, said the deal underlines the commitment of Topaz to the Irish market: “We are an Irish company through and through and this deal demonstrates our commitment to supporting our position in this market. We look forward to welcoming Esso’s employees to the Topaz team.”
The lubricants business of ExxonMobil is not affected, nor its chemical and upstream activities in Ireland.