In a recent news release, Vitol-owned Petrol Ofisi announced its acquisition of BP Turkey Refining Limited and BP Petrolleri A.Ş., further solidifying its position in the Turkish energy sector. While the exact financial details remain undisclosed, the transaction is subject to regulatory approvals and expected to close in 2024.
Once the deal is finalized, Petrol Ofisi anticipates strengthening its network by rebranding approximately 770 BP-branded retail sites. The acquisition will enable Petrol Ofisi to expand its reach, encompassing around 2,700 service stations across Turkey, with an improved presence in major cities, backed by a strategic storage and infrastructure network.
Moreover, the acquisition includes BP Turkey Refining Limited’s 51 percent stake in the ATAS Anadolu Tasfiyehanesi AS joint venture, which owns an oil storage and terminal facility in Turkiye [sic].
Chris Bake, Petrol Ofisi Chair and Vitol Executive Committee Member, expressed enthusiasm for the opportunity to create a more robust national champion in Turkey’s energy sector. With Turkey’s young population and immense growth potential, Bake believes in the country’s promising future.
Mehmet Abbasoğlu, Petrol Ofisi CEO, emphasized the strategic advantage this acquisition provides in serving the Turkish market. Abbasoğlu looks forward to welcoming their new colleagues and building a stronger platform to meet the growing energy demands in the region.
Q: Who is acquiring BP Turkey Refining?
A: Vitol-owned Petrol Ofisi is acquiring BP Turkey Refining Limited and BP Petrolleri A.Ş.
Q: When is the transaction expected to close?
A: The sale is expected to close in 2024, pending regulatory approvals.
Q: How many service stations will Petrol Ofisi have after the acquisition?
A: Petrol Ofisi will have a network of approximately 2,700 service stations in Turkey.
Q: What will happen to the BP-branded retail sites?
A: Around 770 BP-branded retail sites will be rebranded under Petrol Ofisi.
Q: What additional assets are included in the acquisition?
A: BP Turkey Refining Limited’s 51 percent stake in the ATAS Anadolu Tasfiyehanesi AS joint venture, which owns an oil storage and terminal facility in Turkiye, is also part of the acquisition.
Q: What is the strategic significance of this acquisition?
A: This acquisition strengthens Petrol Ofisi’s position in the Turkish energy sector, providing an expanded network and improved presence in major cities.