Topaz sells Statoil stake in oil firm

ENERGY group Topaz has sold Statoil’s 50% interest in East Cork Oil to its Midleton-based founder, Des Hurley.

Mr Hurley is said to have paid Topaz €20m for the business, which is involved in home heating oil distribution in the area.

Topaz is part of a consortium set up by Ion Equity to buy out Statoil’s and Shell’s Irish interests in Ireland.