Vitol completes acquisition of Turkey’s Petrol Ofisi

Dunya Executive - - OVERVIEW -

VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd has completed its acquisition of OMV Petrol Ofisi Holding A.S (“Petrol Ofisi”) from OMV AG., the company announced. The transaction was first announced on 3 March 2017. “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,” Javed Ahmed, head of investments, at Vitol and chairman of Petrol Ofisi, said in a statement. Petrol Ofisi is the market leader in fuel products and distribution in Turkey with a market share of circa 23%. Its business comprises the largest retail station network, with more than 1,700 service stations, and the largest fuel storage and logistics business in Turkey, with a total storage capacity in excess of 1 million cubic meters, It is Turkey’s leading distributor of lubricants and the into-wing supply of jet

fuel at 20 airports. The total sales volume in 2016 was 10.68 million tonnes.

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