VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd, has agreed to acquire OMV Petrol Ofisi Holding A.S from OMV AG.
Vitol confirmed that the total purchase price of the transaction amounts to €1,368 million.
Petrol Ofisi is a leader in fuel products and distribution in Turkey. Its business comprises the largest retail station network of over 1700 service stations and the largest fuel storage and logistics business in Turkey with a total storage capacity in excess of 1 million m3.
Ian Taylor, President & CEO, Vitol said: “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 to capitalise on Turkey’s strong economic performance and growing demand for energy products.” The deal is subject to certain conditions precedent and relevant regulatory approvals.
Read the article online at: https://www.hydrocarbonengineering.com/refining/06032017/vitol-to-acquire-petrol-ofisi/