EMEA News
Turkey's Energy Petrol Reports "Impressive" 38% Growth in Annual Bunker Sales Volume
Istanbul-based physical supplier Energy Petrol has recorded a 38 percent increase in its annual bunker sales volume for 2015, a performance that also saw its monthly sales almost doubled in December, CEO Mustafa Muhtaroglu has told Ship & Bunker.
"We achived impressive growth in 2015, and our physically supplied quantity reached 347,000 tonnes - up 38 percent compared to the 252,000 tonnes supplied in 2014," said Muhtaroglu.
"We are not a volume concerned company but rather a service and quality oriented supplier. In this respect we are very proud of supplying our clients on time with no significant quality & quantity issues."
Energy Petrol says its fleet of 11 bunker barges, which includes 4 new builds, features the biggest bunker barge in Istanbul - the 3,659 dwt MT Deniz M - and, citing data from the country's oil authority Enerji Piyasası Düzenleme Kurumu (EPDK), has over 15 percent of the market share.
CFO Yesim Muhtaroglu said: "We have very healthy financials operating without any cash credit lines since 2008."
"We have no bad debts and have sharp 30 days collection time for 99 percent of our invoices."
Board member and head of sales Deniz Muhtaroglu, meanwhile, commented: "Analysing past and current sales we have rapidly increased our physical sales and become the number 3 supplier in Turkey as per official reports published by oil authority."
Muhtaroglu added that: "We sold 40,000 tonnes in December 2015, almost double the volume sold in December 2014, so we are on track."
Last July Ship & Bunker reported Energy Petrol had expanded its fleet with the 1,750 dwt M/T Demre 6.
