Vitol Completes Acquisition of Turkey’s Petrol Ofisi

Source Press Release
Company VitolOMV 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date June 13, 2017

Vitol today announced VIP Turkey Enerji AS, a subsidiary of  Vitol Investment Partnership Ltd has completedits acquisition of  OMV Petrol Ofisi Holding A.S (“Petrol Ofisi”) from  OMV AG. The transaction was first announced on 3 March 2017.

Javed Ahmed, Head of Investments, Vitol and Chairman of Petrol Ofisi said: “As long-term investors we see strong potential in the Turkish market. Petrol Ofisi has been the market leader serving Turkey’s energy consumers for over 75 years. We will work closely with the Petrol Ofisi management team and employees to energise our brand, strengthen our dealer relationships and serve our clients and customers in the best way possible.  Vitol has a history of investing to grow businesses and this is a tremendous opportunity to refocus Petrol Ofisi for the future.”

Petrol Ofisi is the market leader in fuel products and distribution in Turkey with a market share of circa 23 per cent. 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.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd