Petrol Ofisi

OMV Petrol Ofisi A.Ş. is a Turkish fuel products distribution and lubricants company. It is owned by VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd.

Petrol Ofisi is the market leader in fuel products and distribution in Turkey with a market share of circa 23 per cent. Its business comprises the largest retail station network of over 1,700 service stations, 1 lubricant plant, 10 fuel and 4 LPG filling terminals, 20 aviation supply units and approximately 1,1 million m³ storage capacity. Its product range covers unleaded gasoline, Diesel fuel, kerosene, fuel oil, jet fuel, liquefied petroleum gas (LPG), lubricants and various industrial oils.

The company took the second place with turnover of $ 30.8 billion in the Capital 500 list, which ranks 500 of the largest corporations in the Turkish private sector with its $ 30.8 billion turnover and 1,521,466,000 TL export value. Having the largest fuel chain in Turkey, Petrol Ofisi has a sales volume of 114,000 tons of lubricants and chemicals. Total sales volume in 2016 was 10.68 million tonnes.

PO sponsors sports such as car racing (GP2), rallying, offshore speedboat racing, karting and mountaineering of Mt. Everest for Turkish sportspeople. From 2006 to 2008, PO has also been the title sponsor of the Formula One "Petrol Ofisi Turkish Grand Prix".

History

It was established on February 18, 1941 as a state owned company to import, stock, refine and distribute petroleum products. It became a joint stock company in 1983.

On July 24, 2000, the company was privatized, and initially 51% of the shares were purchased by Doğan Holding. On March 13, 2006, the Austrian petroleum company OMV bought 34% of the stake for US$1.054 billion. After this stock exchange, the share of Doğan Group decreased from 86.7% to 52.7%. On October 22, 2010 OMV announced that it will buy 54.17% shares from the Doğan Holding for the sum of EUR 1 Billion, setting its total stake in the company to 95.75%.[1] The transaction remained subject to approval by relevant authorities until December 22, 2010 when it was completed.[2]

On 13 June 2017 Vitol announced VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd completed its acquisition of OMV Petrol Ofisi Holding A.S (“Petrol Ofisi”) from Vienna-based OMV AG (OMV) for EUR 1.368 billion ($1.451 billion). The transaction was first announced on 3 March 2017.

Selim Şiper was appointed as the CEO and a Member of the Executive Board of Petrol Ofisi A.Ş. Following the acquisition of Petrol Ofisi by Vitol Group, Şiper was appointed to manage the restructuring of Petrol Ofisi's business strategy and to strengthen the company’s market leader position. Şiper took over the position from Gülsüm Azeri, and started active duty on October 16, 2017. Gülsüm Azeri will take office at the Supervisory Board of VIP Turkey Holding B.V, parent company of Petrol Ofisi, and become a Vitol director.

See also

References

  1. ↑ Press release from omv.com, October 22, 2010
  2. ↑ Press release from petrom.com, December 22, 2010
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