Austrian energy group OMV has agreed to sell its Turkish fuel supply and distribution unit Petrol Ofisi to Vitol Investment Partnership, managed by the Swiss-based commodities firm Vitol for 1.37 billion euros ($1.45 billion).
Saudi Aramco and the State Oil Company of Azerbaijan (SOCAR) had also placed bids for Petrol Ofisi, sources familiar with the matter said. OMV counted the Turkish petrol station chain as one of its non-core assets it is shedding to generate cash.
The deal, which is subject to regulatory approval, is expected to close in the third quarter at the latest.
In 2016, Petrol Ofisi was market leader with a 23 percent share, selling 10.68 million tonnes of fuel, OMV and Vitol said in statements. In 2015, it generated sales of around 10 billion euros.
Petrol Ofisi operates around 1,700 petrol stations. It also has one mineral oil factory, 11 fuel and three liquid petroleum gas (LPG) terminals and more than 1.17 million cubic meters of storage capacity, according to its website.
"This is a strong business in a growing market. We... greatly look forward to working with the Petrol Ofisi team to capitalize on Turkey's strong economic performance and growing demand for energy products," said Vitol Chief Executive Ian Taylor.
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