EMEA News
Vitol to Buy Petrol Ofisi
Vitol Friday announced it has agreed to acquire OMV Petrol Ofisi Holding A.S (Petrol Ofisi) from Vienna-based OMV AG (OMV) for EUR 1.368 billion ($1.451 billion).
The deal will be made through Vitol subsidiary VIP Turkey Enerji AS and is subject to certain conditions precedent and relevant regulatory approvals.
For 2015 Petrol Ofisi was Turkey's second biggest bunker supplier by volume with 451,671 mt of product sold.
As well as the marine fuel and lubricants side of the business, Vitol said "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."
"This is a strong business in a growing market. Its market leading brand has benefitted from OMV's focus on high standards of HSSE. We are committed to maintaining this excellent track record and greatly look forward to working with the Petrol Ofisi team," said President & CEO Ian Taylor.
As Ship & Bunker previously reported, OMV said in February 2016 it was looking to sell Petrol Ofisi.
