3/6/2017
Petrol Ofisi Sold on 1.368 Million Euro to Vitol Group
Austria based energy company OMV has decided to sell Petrol Ofisi (of which 100% shares owned) to Vitol Group of Holland on 1,368 million Euro. Subject sale and transfer processes planned to be concluded in the third quarter of year
Austrian energy company OMV has decided to sell their entire shares of Petrol Ofisi (100%) to Vitol Group of Holland on 1 billion 368 million Euro. Subject sale and transfer processes planned to be concluded in the third quarter of year. Net revenue to be obtained by OMV in the sale will be 1.1 billion Euro together with the exchange rate impact. OMV CEO Rainer Seele In the announcement of OMV on the sale, comments of OMV CEO Rainer Seele was also incuded that Petrol Ofisi was put to sale for not being integrated into the value chain of the company; the decision taken to this effect was right and a must within the context of company strategy, "I am more than happy to conclude the talks sucessfully at these tough market conditions." Vitol Group CEO Ian Taylor In the announcement made by Vitol Group on purchasing Petrol Ofisi in the official internet site of the company, Vitol Group Chairman and General Director (CEO) Ian Taylor has communicated Petrol Ofisi was one of the most prominent brands of Turkey and under the OMV partnership, has focused on high standards in the fields of health, safety, security and environment. Taylor said, "We will do our best to maintain this extraordinary performance. Turkey is a country of strong economic eprformance and growing energy products demand. We did, together withPetrol Ofisi, a strong investment in this growing market". There are 10 companies under Vitol Group, company operates with 40 offices principally in Geneva, Houston, London and Singapoure. Company’s revenues receded to USD 168 billion in 2015 from USD 270 billion in 2014 because of reduction in oil prices. Operating in the fields of refinery, trade, storage, electricity generation, conducts annually 303 million ton oil and gas transport and daily 6 million ton crude oil and products trade. As it might be recalled, in the most recent news story on the subject we reported that Opet and BP eliminated in the second tour of Petrol Ofisi sale, Aramco, Petromim-C port partnership, Vitol and SOCAR competed TEBA:December 1, 2016. Petrol Ofisi, second biggest private sector company of Turkey, currently operates with over 1,700 oil stations, 1 mineral oil factory, 11 fuel oil and 3 LPG filling terminals, 19 airports supply units and about 1,17 million cubic meter storage capacity. Company, whose wholesale reached 10.68 million ton in 2016 with 1,709 statiions in Turkey, also owns the biggest fuel oil depot of Turkey of 1 million cubic meter capacity.
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