OMV to sell fuel retail network in Turkey
Austria’s OMV announced its plan to sell its stake in OMV Petrol Ofisi, a leading player in the Turkish fuel distribution industry. OMV is currently selecting its advisors to support the potential transaction, the company announced.
“A potential transaction is aimed at optimizing OMV’s integrated portfolio in a challenging market environment,” the company said in a statement.
OMV Petrol Ofisi operates 1,785 fuel stations in Turkey, with total sales volume in 2015 of about 10 million tonnes. OMV Petrol Ofisi also owns the largest fuel storage and logistics business in Turkey, with a total storage capacity in excess of 1 million cubic metres. The company is also the largest distributor of lubricants in Turkey.
OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies, with group sales of EUR 36 billion (USD 40.51 billion) and a workforce of around 25,500 employees in 2014. OMV, which has a strong base in Romania and Austria, is 20% owned by Abu Dhabi’s International Petroleum Investment Co.
OMV bought a 34% stake in Petrol Ofisi for USD 1.054 billion in March 2006 and in October 2010, OMV bought an additional 54.17% stake for EUR 1 billion (USD 1.13 billion), bringing its stake in Petrol Ofisi to 95.75%.
OMV’s move comes six months after Total sold most of its fuel retail activities in Turkey to the Turkish conglomerate Demirören for USD 365 million. Total had around 440 stations across Turkey.