The Canada-based company, Irving Oil, has confirmed it has signed an agreement to purchase Ireland’s Top Oil in a bid to expand its global reach, CBC reports.
Top Oil, which holds headquarters in Dublin, is one of the top suppliers of home heating oil which include kerosene as well as petrol and diesel fuel in Ireland.
The deal follows Irving Oil’s acquisition of Ireland’s sole refinery in 2016.
In a statement, company chairman Arthur Irving said: “This is a great day for our company. We are proud to be doing business in Ireland and are looking forward to working with everyone at Top Oil. We're excited about the future."
As long as the plans are approved by the Competition and Consumer Protection Commission in Ireland, Irving Oil will resume the full operation of Top Oil and have confirmed there will be no major changes, with Top Oil’s branding to be maintained, in addition to the current workforce.
Having been founded in 1800, Top Oil is family-owned and sells over one billion litres of fuel to its Irish consumers every year.