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Topaz buys 50% share in Shell firm

By: 
Irish Times

Irish fuel group Topaz, which is part-owned by Denis O’Brien, has acquired a 50 per cent stake in Shell’s aviation fuel business here for an undisclosed sum.

The new entity will market aviation fuels to Irish airlines currently serviced by Shell and provide fuel supply and refuelling services to the Anglo-Dutch group’s international customers at airports here.

Five new jobs will be created in Dublin as a result of the deal.

Latest accounts for Shell Aviation Ireland Ltd show it made a pre-tax profit of €11.9 million on turnover of €269.5 million in 2008.

Sales rose by 67 per cent due to a sharp increase in the value of crude oil globally and growth in aviation traffic in Ireland.

Frank Bergin, Topaz’s chief operations officer said the deal was a “modest beginning but we are looking forward to developing our presence in this sector”.

The deal is subject to regulatory approval.