June 14, 2017 [OPIS] - Vitol said on Tuesday that VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership, has completed its acquisition of OMV Petrol Ofisi Holding A.S (Petrol Ofisi) from OMV AG. for EUR 1.368 billion (US$1.44 billion).
The transaction was first announced on March 3.
Petrol Ofisi distributes fuel products and distribution in Turkey with a market share of about 23%. 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.
Petrol Ofisi also distributes lubricants in Turkey, and supplies jet fuel at 20 airports. Total sales volume in 2016 was 10.68 million tons.
Vitol is the largest independent oil trading company in the world. It trades over 6 million bbl of crude and oil products every day, and it is responsible for more than 6,600 ship voyages each year. In 2015, its revenues were pegged at $168 billion.
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