OPET Petroleum Chairman Fikret Öztürk announced that OPET intends to buy Petrol Ofisi Inc. (PO), which is owned by the Austrian energy company, OMV.
PO is the second largest company in Turkey's petroleum distribution sector with a market share of 25 percent. According to Öztürk, regardless of the company's market share, the most important element is brand power and PO is well ahead. . According to Öztürk, company administration is key and it is their leading point. . While PO's estimated value stands between $1.2 billion and $1.3 billion according to bank estimations, the company also has many debts.When the process starts and the numbers are evaluated, the true value will come to light.
Speaking to the reporters in Antalya, Koç Group's partner at OPET, Fikret Öztürk, said they have not aspired to buy PO yet but they will, according to Dünya daily. Öztürk stated that they would partner up with Koç Group for PO's sale, in what the chairman calls a very fruitful, ongoing partnership with Koç Group. He went on to note that if the purchase is realized, all PO stations would be re-branded as OPET and that OPET is eager to buy PO but could leave some stations under the PO logo as well. The chairman said that each station's quality must be taken into consideration.
PO is the leader in the sector with 25 percent market share followed by OPET with 17 percent; bringing the total market share of the two companies to 42 percent. Öztürk said that percentage numbers would not have a significant effect on the total market share, indicating that PO engages in profit-free wholesale distribution and the loss was caused by profit-free sales.
Addressing rumors regarding a potential exit from the market in petroleum distribution, the chairman said that, sometimes, the sector experiences changes but that the company has always withstood such fluctuations, underlining that OPET's market share has been increasing annually despite international exits from the market, saying that they are pleased with OPET's performance. He also said that the main problem in the sector is caused by price cap implementations.
"No matter how dire the situation in the petroleum industry is, our sales drop 5 percent and no matter how good the market is our sales increase 5 percent. It is a stable business, as a matter of fact," Öztürk said.
OPET recently filmed a commercial with FC Barcelona player Arda Turan which drew widespread attention from fans. Announcing that there will be a new commercial featuring the famous player, Öztürk said: "It is not possible to measure the extent of Arda's commercial value. The new commercial will be broadcast during the Turkey-Montenegro football match at Antalya Stadium. We prepared another commercial that is just as good as the first one, maybe even better." According to Öztürk, national sentiment will be the main center of the new commercial which will be shot in Turkey and abroad in accordance with Euro 2016.
