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BUSINESS > BP sells off local LPG asset to Russian firm

ISTANBUL - Reuters

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British oil major BP’s Turkish unit said it had sold its liquefied petroleum gas (LPG) assets and Petgaz business in Turkey to Russia’s Oteko Group, which transports crude oil and oil products within Russia.

The sale was part of BP’s plan to exit its liquefied petroleum gas bottle- and tank-filling businesses worldwide after reviewing the operations last year. BP’s Turkey unit said in an e-mailed statement yesterday that its LPG and Petgaz branded autogas units in Turkey serve around 500 domestic customers and dealers, employ 117 people and operate from various locations throughout Turkey.

BP said in February it planned to sell its LPG bottles and tank filling operations in Portugal, U.K., Austria, Poland, Netherlands, Belgium, Turkey, China and South Africa, as well as its non refinery-integrated wholesale business.

Oteko is involved in transporting crude oil, LPG and other hydrocarbons in the Commonwealth of Independent States. It recently completed the construction of the largest Russian LPG terminal in Taman, on the Black Sea. Oteko President Fernando Machinena said the purchase marks Oteko’s first significant step in its international expansion. “The synergies created through this acquisition will allow Oteko to provide the Turkish market with the most efficient supply chain for LPG,” he said.

November/28/2012

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