Vitol announced that VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd, has completed its acquisition of OMV Petrol Ofisi Holding A.S. from OMV AG. The transaction was first announced on 3 March 2017.
“As long-term investors we see strong potential in the Turkish market. Petrol Ofisi has been the market leader serving Turkey’s energy consumers for over 75 years. Vitol has a history of investing to grow businesses and this is a tremendous opportunity to refocus Petrol Ofisi for the future,” said Javed Ahmed, head of Investments, Vitol, and chairman of Petrol Ofisi.
Petrol Ofisi is the market leader in fuel products and distribution in Turkey with a market share of about 23%. Its business comprises the largest retail station network of more than 1,700 service stations, the largest fuel storage and logistics business in Turkey with a total storage capacity in excess of 1 million cubic metres, Turkey’s leading distributor of lubricants and the into wing supply of jet fuel at 20 airports. Total sales volume in 2016 was 10.68 million tonnes.
Vitol is an energy and commodities company. Its primary business is the trading and distribution of energy products globally, trading more than seven million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes.
Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including about 15.9 million cubic metres of storage across six continents, 390,000 barrels per day of refining capacity and 3,000 service stations across Africa, Australia and in Northwest Europe. Revenues in 2016 were USD152 billion.