Independent Irish fuel retailing company Topaz Energy has sold about a quarter of the forecourts it recently acquired from Shell and Statoil for around half of what it paid for all of them.

According to media reports in the Republic of Ireland, Topaz Energy has sold eight or nine forecourts in the Dublin and County Wicklow areas to private developers for approximately E80 million.

The sale represents a tidy turn-around for the company as it only paid E160 million for a combined fleet of 45 petrol stations from Shell and Statoil just months ago.

However, following the sale, Topaz has come under fire for potentially damaging the even distribution of forecourt availability, as the disposed of sites could be redeveloped into other uses.

In response, the company said that the areas in question already enjoyed good coverage and that it would reinvest some of the money into opening new fuel retailing sites of its own.