Vitol completes acquisition of Turkey’s Petrol Ofisi
Vitol today announced 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 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.
Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades over seven million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes.
Vitol’s clients include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: circa 15.9mm3 of storage across six continents, 390kbpd of refining capacity and 3,000 service stations across Africa, Australia and in Northwest Europe. Revenues in 2016 were $152 billion.
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