Turkey's military pension fund OYAK initiated Friday negotiations with Demirören Holding for the acquisition of gasoline and liquefied petroleum gas (LPG) distribution companies Total and M Oil.
According to a statement released by OYAK, the pension fund is carrying out talks with Demirören Holding for the purchase of Total Oil Turkey and M Oil operating with a dealer network of 900 gas stations. Adopting a sustainable growth strategy with a focus on new sectors, OYAK will conduct a comprehensive examination of the gas distribution companies.
Demirören Holding had acquired Total Oil Turkey and M Oil in 2016.
OYAK operates with the goal of productive utilization of resources, securing maximum sustainable yield from assets and contributes to the growth of the Turkish economy, the fund’s General Manager Süleyman Savaş Erdem was quoted as saying in the statement.
Erdem emphasized that they will continue to take investing opportunities in Turkey and around the world.
“Within the scope of our national industry, higher employment, higher quality service vision, positioning in strategic sectors, sectoral diversity and sustainable growth, we are making moves to carry OYAK to the future,” he said.