French firm buys Fuel Supplies in £20m. deal
Wednesday 4th June 2008, 2:29PM BST.
SHELL’S distribution activities in Guernsey and Jersey are being bought for just under £20m. French oil and gas storage and distributions company Rubis announced the acquisition yesterday.
Nobody from Fuel Supplies CI was available for comment but when talks about selling the company started last year, its 100-plus staff were told their jobs would be safe.
The deal, which allows Rubis to enter the aviation fuel market, includes a network of 27 retail service stations across the two islands and its commercial fuels and heating oil operations and associated services.
It means that Rubis will increase its fuel sales by 15% to 800,000 tonnes a year. The transaction is subject to regulatory approval, will be financed on the group’s own financial capability and will amount to a maximum of 25m. euros.
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