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OMV to sell Petrol Ofisi to Vitol

by ChemOrbis Editorial Team -
  • 06/03/2017 (12:18)
According to media reports, Austrian energy group OMV agreed to sell its Turkish fuel supply and distribution unit, Petrol Ofisi, to Swiss-based commodities firm, Vitol. The value of the deal was reported to be €1.37 billion ($1.45 billion).

Saudi Aramco and State Oil Company of Azerbaijan (SOCAR) had reportedly placed bids and were waiting for the decision to be finalized while Aramco was considered to be the front-runner in the acquisition.

Last year, OMV declared its intention to sell its Turkish arm in order to focus on its upstream oil and gas production businesses as well as its downstream refining, sales and distribution operations. It also voiced its expectation this month to complete the sale of Petrol Ofisi in 2017.

Petrol Ofisi has almost 2000 petrol stations, a mineral oil factory, 11 fuel and three LPG terminals. It also had a 24% of market share in Turkey with sales of 5.95 million tons of fuel in 2015.
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