ANKARA: Vitol Investment Partnership’s subsidiary VIP Turkey Enerji has agreed to acquire OMV Petrol Ofisi for around €1.36bn. With around 1,709 fuel stations, OMV Petrol Ofisi operates retail station network to supply fuels to commercial and industrial customers in Turkey. The Turkish fuel distribution firm also runs fuel storage and logistics business in the country with a total storage capacity of about one million cubic meters. It also distributes lubricants in Turkey. OMV Petrol Ofisi has reported 10.68 million tons of total sales volume in the last year. Subject to relevant regulatory approvals and other conditions, the deal is expected to complete in the third quarter of this year.
OMV CEO Rainer Seele said: “The original plan of integrating Petrol Ofisi into the value chain of OMV Group could not be realized. “Therefore, the decision to sell the company was the right and necessary step in the course of implementing our corporate strategy. In light of the challenging environment, I am pleased that we successfully concluded the negotiations.” OMV, which is the parent firm of OMV Petrol Ofisi, markets oil and gas energy andpetrochemical solutions. Last November, OMV also agreed to divest its wholly-owned subsidiary OMV (U.K.) to Siccar Point Energy for $1bn. OMV UK has assets in the West of Shetlands region of the UK Continental Shelf including an 11.8% interest in the Schiehallion oil field and a 20% interest in the Rosebank field. It also has 5.6% stake in the producing Jade field.
