5/30/2017
Sale of OMV Petrol Ofisi to Vitol Group
The Competition Authority has allowed the sale of Petrol Ofisi, 100 percent of whose shares are owned by the Austria-based energy company OMV, to the Netherlands-based company Vitol Group for EUR 1.368 billion...
The Competition Authority has allowed the sale of Petrol Ofisi, 100 percent of whose shares are owned by the Austria-based energy company OMV, to the Netherlands-based company Vitol Group for EUR 1.368 billion. The sale and transfer is planned to be completed in the third quarter of this year. The net revenue of OMV from the sale will be EUR 1.1 billion including the exchange rate effect. The decision of the Competition Authority comprises the following statement: "VIP Türkiye Enerji A.Ş. which is indirectly controlled by Vitol Investment Partnership Limited to take over 100% of the shares of OMV Petrol Ofisi Holding A.Ş. which is directly controlled by OMV Aktiengesellschaft." Vitol Group is the parent of 10 different companies, and the company operates in 40 different offices majorly in Geneva, Houston, London, and Singapore. The Company's 270 billion dollars of revenue in 2014 declined to 168 billion dollars in 2015 due to the decline in petroleum prices. Operating in such fields as refining, commerce, storage, and electricity generation, the company trades 303 million tons of petroleum and gas per year and 6 million tons of crude oil and products per day. As can be remembered, we reported that Opet and BP was eliminated among the bidders of Petrol Ofisi in the second run, and that the competition continued between Aramco, Petromim-C port partnership, Vitol and SOCAR TEBA:December 1, 2016 The second largest private company in Turkey, Petrol Ofisi continues its operations with more than 700 fuel stations, 1 mineral oil company, 11 fuel and 3 LPG filling terminals, 19 airport supply units and over 1.17 million cubic meters of storage capacity. With the sales of 10.68 million tons in 2016 and 709 fuel stations in Turkey, the company also keeps the largest fuel storage plant in Turkey with a capacity of 1 million cubic meters.
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