OIL GIANT Chevron Ireland is poised to gain sole ownership of Texoil following the approval of the Competition Authority yesterday.
Chevron and Texoil director Thomas Kirrane each own half the shares in Texoil, one of the country’s leading fuel distributors.
The authority announced the proposed acquisition could go ahead as it did not raise any competition concerns in the sector.
Details of the proposed merger are not currently available.
Chevron and Texoil both declined to comment on the proposed acquisition in more detail when contacted by The Irish Times yesterday.
Chevron supplies the wholesale and retail distribution of petrol and diesel in Ireland, while Texoil focuses on inland distribution.
Texoil made a pretax profit of €2.8 million in 2007, which was an increase from the previous year’s return of €2.4 million. The company was established in 1995, and employs about 160 staff throughout the country.
Chevron changed its name from Texaco Ireland in 2006, but markets its fuel under the Texaco brand in Ireland and across Europe. It has 230 Texaco branded service stations throughout the country.
