March 8, 2017 [OPIS] - Vitol said recently that VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd., will acquire OMV Petrol Ofisi Holding A.S from OMV AG, the international integrated oil and gas company based in Vienna, for EUR 1.368 billion (US$1.44 billion).
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.
Ian Taylor, president and CEO, Vitol, said, “This is a strong business in a growing market. Its market leading brand has benefited 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 to capitalize on Turkey’s strong economic performance and growing demand for energy products.”
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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