BUSINESSMAN GERRY Barrett’s Edward Holdings is buying the Enwest oil terminal in Galway in a deal valued at over €30 million.

The Irish Times learned that Edward Holdings yesterday completed a deal to buy the facility, developed by Enda O’Coineen and Richard Walsh.

Industry sources value the terminal, located in Galway Harbour Enterprise Park, at over €30 million. Irish-owned fuel supplier, Topaz, in which both Mr Barrett and communications tycoon, Denis O’Brien, have a stake, will operate the facility, which will be used to supply oil to the Republic’s western region.

It has a capacity of 40,000 tonnes. The Enwest terminal occupies 6.5 acres in the Galway Harbour Enterprise Park. It was designed and built to meet the highest international environmental and safety standards.

The sale will pave the way for the redevelopment of the city and its docklands area. The takeover of the new terminal means that the site of the old one, in the city itself, can be cleared.

This will boost preparations for the Volvo Ocean Race, an inter-national sailing race for which Galway was this year chosen as the main stopover point. The event will attract about 140,000 visitors to the city and attract a TV audience of millions, making it potentially the biggest sporting event in the world this summer.

The Government has pledged €8 million towards preparations for the event and tourist agency, Fáilte Ireland has given €1 million to the city and is sponsoring the Irish entry, Green Dragon.

Some of the State money will be used to build extra moorings and facilities for docking yachts. The old oil terminal site was identified as the base for a tented village which will be one of the focus points for the ocean race.

The tanks and facilities need to be decommissioned and demolished and the site needs to be cleared. This could not be done until the future ownership of the new terminal was settled. It is understood that this is one of the reasons that Mr Barrett decided to step in and buy the facility.