Company News

6/14/2017

Sale of OMV Petrol Ofisi to Vitol Group

Sale of all shares of Petrol Ofisi, 100 percent of which was held by OMV, to the Dutch company Vitol Group for €1,368 billion has been completed

The sale of Petrol Ofisi, 100 percent of whose shares are owned by the Austria-based energy company OMV, to the Netherlands-based company Vitol Group for €1,368 billion. It was announced in the statement made by OMV that VIP Türkiye Enerji A.Ş., an affiliate of Vitol Investment Partnership Ltd., has purchased Petrol Ofisi for €1,368 billion.

Javed Ahmed, the Chairman of the Investment Department of Vitol Group and of the Board of Directors of Petrol Ofisi made the following statement: "We will be in a close cooperation with the management team and employees of Petrol Ofisi in order to energize our brand, enhance our vendor relations, and serve our business associates and customers in the best way. Vitol has always been a company that operates to rapidly grow the businesses that it has invested in, and this is a powerful opportunity to re-focus Petrol Ofisi to the future."

Vitol Group is the parent of 10 different companies, and the company operates in 40 different offices majorly in Geneva, Houston, London, and Singapore.

The Company's 270 billion dollars of revenue in 2014 declined to 168 billion dollars in 2015 due to the decline in petroleum prices. Operating in such fields as refining, commerce, storage, and electricity generation, the company trades 303 million tons of petroleum and gas per year and 6 million tons of crude oil and products per day.

The second largest private company in Turkey, Petrol Ofisi continues its operations with more than 700 fuel stations, 1 mineral oil company, 11 fuel and 3 LPG filling terminals, 19 airport supply units and over 1.17 million cubic meters of storage capacity. With the sales of 10.68 million tons in 2016 and 709 fuel stations in Turkey, the company also keeps the largest fuel storage plant in Turkey with a capacity of 1 million cubic meters.

As it is known, we reported in our last news on the matter that the Competition Authority approved OMV's sale of all shares of Petrol Ofisi to the Dutch Vitol Group, and that the sale and transfer are planned to be completed in the third quarter of this year TEBA:May 30, 2017. The net revenue of OMV from the sale will be EUR 1.1 billion including the exchange rate effect.