Topaz Energy
Encyclopedia
Topaz is an Irish petroleum
retail chain, operating all over Ireland
. The legal entity was formed in 2005 and previously traded under the Statoil
and Shell
brands, until 2008 when the "Topaz" brand replaced both in Ireland, partly due to the Corrib gas controversy
. It is also the largest supplier of home heating oil in Ireland. It is a subsidiary of Ion Equity Limited, a venture capital company that also used to own SWS Group and USIT.
plc (the filling station and home heating operation, Irish Shell Limited) as well as the Irish operations of Statoil
. This was controversial in itself, as the Competition Authority, which must approve large mergers and acquisitions
, failed to take a decision on the takeover of Statoil's assets within the time frame allowed, thus automatically approving the deal. This was the first time this had happened in the Authority's history. http://www.concurrences.com/nr_one_question.php3?id_rubrique=608.
The company was slow to reveal its branding strategy, continuing at first to trade under the Shell, Statoil, and Fareplay brands. http://archives.tcm.ie/businesspost/2006/07/02/story15421.asp. However, beginning in 2008, Topaz began replacing both these brands with its own. The Fareplay brand, which Topaz owns worldwide rights to, has also been retired and replaced with a number of Topaz convienence store brands including Topaz Restore and Topaz Express.
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
retail chain, operating all over Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
. The legal entity was formed in 2005 and previously traded under the Statoil
Statoil
Statoil ASA is a Norwegian petroleum company established in 1972. It merged with Norsk Hydro in 2007 and was known as StatoilHydro until 2009, when the name was changed back to Statoil ASA. The brand Statoil was retained as a chain of fuel stations owned by StatoilHydro...
and Shell
Royal Dutch Shell
Royal Dutch Shell plc , commonly known as Shell, is a global oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the fifth-largest company in the world according to a composite measure by Forbes magazine and one of the six...
brands, until 2008 when the "Topaz" brand replaced both in Ireland, partly due to the Corrib gas controversy
Corrib gas controversy
The Corrib gas controversy concerns plans by Shell E&P Ireland, Statoil Exploration Limited, Vermilion Energy Trust and the Irish government for processing the Corrib gas field through Broadhaven Bay and Sruth Fada Conn Bay in Kilcommon parish, Erris, County Mayo, and objections raised against...
. It is also the largest supplier of home heating oil in Ireland. It is a subsidiary of Ion Equity Limited, a venture capital company that also used to own SWS Group and USIT.
History
The company was formed by Ion Equity in 2005 as a vehicle to take over part of the Irish operations of Royal Dutch ShellRoyal Dutch Shell
Royal Dutch Shell plc , commonly known as Shell, is a global oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the fifth-largest company in the world according to a composite measure by Forbes magazine and one of the six...
plc (the filling station and home heating operation, Irish Shell Limited) as well as the Irish operations of Statoil
Statoil
Statoil ASA is a Norwegian petroleum company established in 1972. It merged with Norsk Hydro in 2007 and was known as StatoilHydro until 2009, when the name was changed back to Statoil ASA. The brand Statoil was retained as a chain of fuel stations owned by StatoilHydro...
. This was controversial in itself, as the Competition Authority, which must approve large mergers and acquisitions
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
, failed to take a decision on the takeover of Statoil's assets within the time frame allowed, thus automatically approving the deal. This was the first time this had happened in the Authority's history. http://www.concurrences.com/nr_one_question.php3?id_rubrique=608.
The company was slow to reveal its branding strategy, continuing at first to trade under the Shell, Statoil, and Fareplay brands. http://archives.tcm.ie/businesspost/2006/07/02/story15421.asp. However, beginning in 2008, Topaz began replacing both these brands with its own. The Fareplay brand, which Topaz owns worldwide rights to, has also been retired and replaced with a number of Topaz convienence store brands including Topaz Restore and Topaz Express.