Turkish leading oil distribution company Petrol Ofisi Group announced Thursday it has signed a share purchase agreement to acquire British Petroleum (BP) gas station operations in Türkiye, Anadolu Agency (AA) reported.
The transaction includes BP Petrolleri A.Ş. and BP Turkey Refining Limited, operating in the Turkish market, and is subject to regulatory approval, with the financial details of the deal remaining undisclosed.
Vitol Board Member Chris Bake, the main shareholder of Petrol Ofisi Group, whose views were included in the statement evaluating the matter said: “We are extremely pleased to take this step that will further strengthen the Petrol Ofisi Group, the national pride in the Turkish energy sector. We have full confidence in the future of Türkiye with its young and dynamic population and growth potential.”
Mehmet Abbasoğlu, CEO of Petrol Ofisi Group, also expressed excitement about the upcoming collaboration, adding, “We eagerly anticipate this exciting encounter that will further solidify our strength in the market and the addition of new team members to our company.”
The company currently has over 1,900 gas stations according to its website, while BP has a network of some 700 stations in Türkiye, as reported by local media.
The sale, subject to approval from the Turkish Competition Authority (RK), is expected to be completed in 2024.
Source: Daily Sabah