Applegreen to buy 50% stake in Dublin's joint fuels terminal

4th Jan 2017 08:07

(ShareCast News) - Irish petrol retailer Applegreen is to buy a 50% stake in the joint fuels terminal in Dublin port from Topaz Energy for about €15.7m.The acquisition, which will be funded from existing resources, is subject to approval from Ireland's competition authority and is expected to complete in the first quarter the year.The joint fuels terminal, which is 50%-owned by Valero Energy, is one of three fuel importing facilities in Dublin port and will enable the company to import fuel directly from refineries, which will provide a competitive supply for the majority of its fuel requirements in the country.The stake was previously owned by Esso Ireland and is expected to earnings accretive from this year.Shares in Applegreen were up 0.68% to 372.50p at 0808 GMT.