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Turkey: OMV Finalizes Sale of Petrol Ofisi to Vitol

Austrian OMV completed the sale of Turkish Petrol Ofisi to Vitol Investment Partnership, the company announced on Tuesday.

OMV sold Petrol Ofisi to VIP Turkey Enerji, a subsidiary of Vitol Investment Partnership, following the fulfilment of the agreed conditions, including the relevant regulatory approvals, according to a statement by the Austrian company.

The € 1.37 billion agreement was signed on March 3, 2017.

The company said that the net cash impact on OMV will be slightly below €1 billion in the second quarter of 2017.

Petrol Ofisi, with over 1,709 fuel dispensing facilities across Turkey, has been put for sale in February, 2016 due to financial difficulties. Since then, several international and domestic companies was scrutinizing the sales process.

As a leading player in the Turkish fuel distribution industry, Petrol Ofisi also operates the largest retail station network in Turkey. Moreover, it is a major fuels supplier to commercial and industrial customers.

(Anadolu Agency)

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