Vitol to Acquire Turkey’s Petrol Ofisi
OMV, the international integrated oil and gas company based in Vienna, has agreed/a> to sell 100% of the shares in its wholly owned subsidiary OMV Petrol Ofisi to VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd. The total purchase price of the transaction amounts to EUR 1,368 million.
Turkey has some of the highest fuel prices in Europe but taxes and other regulations leave little margin for profit for the 70 different retailers. Petrol Ofisi is the market leader in fuel products and distribution in Turkey with a market share of circa 23 percent. Petrol Ofisi operates around 1,700 petrol stations. Total sales volume in 2016 amounted to 10.68 mn tons.
Its business comprises the largest retail station network of over 1,700 service stations, the largest fuel storage and logistics business in Turkey with a total storage capacity in excess of 1 million cubic meters, Turkey’s leading distributor of lubricants and the into wing supply of jet fuel at 20 airports. Total sales volume in 2016 was 10.68 million tonnes.
Ian Taylor, President & CEO, Vitol said: “This is a strong business in a growing market. Its market leading brand has benefitted from OMV’s focus on high standards of HSSE. We are committed to maintaining this excellent track record and greatly look forward to working with the Petrol Ofisi team to capitalise on Turkey’s strong economic performance and growing demand for energy products.”