Chairman of Turkish fuel retailer OPET, Fikret Öztürk, has announced his intention to buy market leader Petrol Ofisi, 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. PO's estimated value stands between $1.2 billion and $1.3 billion according to bank estimations.
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.
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