Turkish Petroleum deal sealed as largest privatization transaction of 2016
The number of filling stations belonging to the Turkuaz Petrol oil company has soared to 700 after it purchased the state-owned Turkish Petroleum Corporation (TP), which consists of more than 400 filling stations. The sale has been tagged as the largest privatization transaction of 2016.
Placing the highest bid of TL 490 million ($137.73 million) during the TP privatization tender, Turkuaz Petrol, a subsidiary of Zülfikarlar Holding, purchased 100 percent of TP - now named the largest privatization transaction of 2016. The signing ceremony was attended by Finance Minister Naci Ağbal, Privatization Administration Chairman Ahmet Aksu, Zülfikarlar Holding CEO İsfendiyar Zülfikarı and Turkuaz Petrol General Manager Çağdaş Demirağ.
As a result of the privatization, more than 400 filling stations, seven fuel storage facilities, 333,000 cubic meters of fuel storage capacity and two liquefied petroleum gas (LPG) filling stations were transferred to Turkuaz Petrol.
Zülfikari said Zülfikarlar Holding has been working to contribute to the Turkish economy for 75 years, adding: "Our business life, which started with the trade of chemicals, continued with the investments we made in the fields of finance, fuel distribution and renewable energy. We have been working with the goal of being ‘the best' in all of the sectors we have been operating in since we founded our company."
Stressing that the purchase of TP is of great importance for the company, Zülfikari stated that they are consolidating their experiences with new purchases and taking firm steps to become the industry's leading brand.
Finance Minister Naci Ağbal congratulated Zülfikarlar Holding for winning the tender, saying that the privatization process of TP for two years was completed and that the state has now completely withdrawn from the fuel sector after this privatization transaction. Underlining that the state must withdraw from some sectors not only to generate revenue, but also to develop the market economy and to allow competition to run properly, the minister said, "We believe that the privatization of TP will make a significant contribution to the fuel distribution sector and will boost the competitive power and service quality of Turkuaz Petrol."
Placing the highest bid of TL 490 million ($137.73 million) during the TP privatization tender, Turkuaz Petrol, a subsidiary of Zülfikarlar Holding, purchased 100 percent of TP - now named the largest privatization transaction of 2016. The signing ceremony was attended by Finance Minister Naci Ağbal, Privatization Administration Chairman Ahmet Aksu, Zülfikarlar Holding CEO İsfendiyar Zülfikarı and Turkuaz Petrol General Manager Çağdaş Demirağ.
As a result of the privatization, more than 400 filling stations, seven fuel storage facilities, 333,000 cubic meters of fuel storage capacity and two liquefied petroleum gas (LPG) filling stations were transferred to Turkuaz Petrol.
Zülfikari said Zülfikarlar Holding has been working to contribute to the Turkish economy for 75 years, adding: "Our business life, which started with the trade of chemicals, continued with the investments we made in the fields of finance, fuel distribution and renewable energy. We have been working with the goal of being ‘the best' in all of the sectors we have been operating in since we founded our company."
Stressing that the purchase of TP is of great importance for the company, Zülfikari stated that they are consolidating their experiences with new purchases and taking firm steps to become the industry's leading brand.
Finance Minister Naci Ağbal congratulated Zülfikarlar Holding for winning the tender, saying that the privatization process of TP for two years was completed and that the state has now completely withdrawn from the fuel sector after this privatization transaction. Underlining that the state must withdraw from some sectors not only to generate revenue, but also to develop the market economy and to allow competition to run properly, the minister said, "We believe that the privatization of TP will make a significant contribution to the fuel distribution sector and will boost the competitive power and service quality of Turkuaz Petrol."