Topaz to invest €20m in upgrading network

The Denis O’Brien-controlled Topaz Energy is to invest €20m this year on overhauling and upgrading its retail network, before launching a fresh investment programme in 2016 when it formally takes ownership of Esso’s forecourt network.

The company, which controls around 12% of Ireland’s retail petrol/forecourt market, yesterday reported a 9% increase in annual operating profits, for the 12 months to the end of last March.

Profits amounted to €13.9m, up from €12.6m a year earlier. Revenues were slightly down from €3.3bn to around €2.9bn.