OMV, the international integrated oil and gas company based in Vienna, has agreed to sell 100 percent of the shares in its wholly owned subsidiary OMV Petrol Ofisi to VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd, said the message on OMV’s website.
The overall transaction value amounts to 1.368 billion euros. The transaction is subject to conditions, including the relevant regulatory approvals and is anticipated to close in the third quarter of 2017 at the latest.
“The original plan of integrating Petrol Ofisi into the value chain of OMV Group could not be realized. Therefore, the decision to sell the company was the right and necessary step in the course of implementing our corporate strategy,” said OMV Chief Executive Officer Rainer Seele.
OMV Petrol Ofisi is a leading player in the Turkish fuel distribution industry. With 1,709 fuel stations the company operates the largest retail station network in Turkey and is a leading fuels supplier to commercial and industrial customers.
In addition, OMV Petrol Ofisi owns the largest fuel storage and logistics business in Turkey with a total storage capacity in excess of 1 million cubic meters. The company is also the largest distributor of lubricants in Turkey.
Saudi Aramco and the State Oil Company of Azerbaijan (SOCAR) had also placed bids for Petrol Ofisi.