Fuel retailer Applegreen has agreed a deal to buy a 50% share in the Joint Fuels Terminal in Dublin Port from Topaz for €15.7m.

The Joint Fuels Terminal is 50% owned by Valero Energy (Ireland) and is one of three fuel importing facilities in the port. The stake being acquired was previously owned by Esso Ireland.

The deal is still subject to a number of conditions, including approval from the Competition and Consumer Protection Commission.

It is expected to be completed in the first quarter of this year and Applegreen said it is expected to boost earnings from this year.

Applegreen said the proposed deal provides it with the facility to import fuel directly from refineries, "thereby securing a strategically valuable platform that provides a competitive supply for the majority of its Irish fuel requirements".

The company said it will fund the deal from its own existing resources.