The acquisition includes eight bunkering vessels. File Image / Pixabay

Malta-based commodity trading firm Alkagesta has agreed to acquire Turkish marine fuel distributor Energy Petrol, expanding its physical supply operations in the Eastern Mediterranean.

The deal has received approval from the Turkish Competition Authority and is expected to close in the coming weeks, the firm said in an emailed update on Friday.

Founded in 1997, Energy Petrol accounts for nearly 10% of Turkey's 2.5 million mt/year marine fuel market.

"It is one of the ‘big five’ marine fuel distributors in the country, sitting alongside Petrol Ofisi (owned by Vitol), SOCAR Marine (owned by SOCAR), Opet and Arkas," the company added.

The acquisition includes eight bunkering vessels and a long-term lease for 28,000 m3 of tank capacity in Turkey.

Alkagesta has supplied marine fuels in the Eastern Mediterranean since its founding in 2018 and has worked with Energy Petrol as a wholesale supplier for several years.

Energy Petrol will continue to operate independently, serving its existing customers. The company provides bunkering services across various ports in Turkey. 

The acquisition will give Alkagesta a stronger position in Turkey's marine fuel distribution market and expand its business into retail supply.

"This acquisition reflects a fundamental shift in commodity markets toward greater asset depth and sustainable business model over the long term," Asad Huseynov, Managing Director of Investments and Asset Management of Alkagesta, said.

"Energy Petrol is a long-established, sophisticated and reliable marine fuels distributor at the forefront of operations in Turkiye."