Statoil (OSE: STL, NYSE: STO) announces that it has reached agreement on the terms of the sale of Statoil Ireland, its Irish downstream Retail and Commercial & Industrial business, to Topaz, a financial consortium lead by Ion Equity.
The two businesses are complementary with a strong strategic fit which will enhance service and value for customers.
Statoil will retain a presence on the island of Ireland through Statoil Exploration Limited. In addition, Statoil will retain its 50% interest in LSS Limited, its joint venture in Derry, Northern Ireland and expects to continue to supply fuel to Statoil Ireland through Dublin and Derry.