PO acquisition has been strong investment, says CEO of Dutch Vitol Group
by Daily Sabah
ISTANBULMar 06, 2017 - 12:00 am GMT+3
by Daily Sabah
Mar 06, 2017 12:00 am
Netherlands-based commodity and energy trading company Vitol Group Chairman and Chief Executive Officer Ian Taylor pointed out that Petrol Ofisi (PO) is one of the leading brands in Turkey.
"Turkey is a country with strong economic performance and growing demand for energy products. We made a strong investment in a growing market with the acquisition of Petrol Ofisi," Taylor said.
In a written statement published on the Vitol Group's official website, Taylor said that the company is looking forward to working with the OMV Petrol Ofisi team, which is 100 percent owned by the Austrian OMV company. Taylor also noted that PO is one of the leading brands in Turkey and that it has focused on high standards in health, safety, security and environment issues as OMV's affiliate.
While 10 separate companies operate under the scope of Vitol Group, which will be acquiring Petrol Ofisi, the company has 40 separate offices, including its biggest operations in Geneva, Houston, London and Singapore.
The company reported revenue of $270 billion in 2014, but reported $168 billion in revenue for 2015 due to the decline in oil prices. The company, which has operations in various fields, such as refining, commerce, warehousing and electricity generation, carries out annual trade of 303 million tons of oil and gas as well as a daily trade of 6 million tons of crude oil and products.
PO holds the highest share
in the Turkish market
According to the Energy Market Regulatory Authority's (EMRA) 2015 Petroleum Market Report, Petrol Ofisi, which was put on sale by OMV last year, holds the highest share in the Turkish fuel market with 24 percent.
Petrol Ofisi, which has received offers from Saudi Aramco and the Azerbaijan company Socar, is Turkey's second largest private sector company. It is currently operating more than 1,700 petrol stations, one mineral oil factory, 11 fuel and three liquid petroleum gas (LPG) terminals, 19 airport supply units and storage capacity exceeding approximately 1.17 million cubic meters.
The decision to sell Petrol Ofisi, which is 100 percent owned by OMV, to the Vitol Group for 1.368 billion euros was announced on Saturday.
OMV CEO Rainer Seele noted in the statement regarding the sale that Petrol Ofisi was put on sale because it could not be integrated into the company's value chain.
Stating that for this reason, the decision they have made is right and necessary within the framework of the company's strategy, Seele said, "I am pleased to have successfully completed the negotiations in challenging market conditions."