In the summer, there were statements in the press about the negotiations between the UK-based oil giant BP and Petrol Ofisi, but today a critical development took place. Petrol Ofisi is taking over BP’s fuel distribution business in Turkey. The official announcement on the subject has just arrived.
Petrol Ofisi Group announced that it has signed a share purchase agreement to acquire BP’s fuel operations in Turkey.
Chris Bake, member of the board of directors of Vitol, the main shareholder of Petrol Ofisi Group, made the following statements:
“We are extremely happy to take this step that will further strengthen Petrol Ofisi Group, the national pride of the Turkish energy sector. We have full confidence in the future of Turkey with its young and dynamic population and growth potential.
Mehmet Abbasoglu, CEO of Petrol Ofisi Group, said, “We look forward to this exciting meeting that will reinforce our strength in the market and to our new teammates joining us.”
The sale, which is subject to the approval of the Competition Authority, is expected to be completed in 2024.
UK-based BP, which has been operating in Turkey since 1912, has 770 fuel stations in Turkey.
Petrol Ofisi, which currently has 1935 fuel stations, will have 2,705 fuel stations across Turkey with the acquisition.