Austria’s OMV aims to sell Turkish unit Petrol Ofisi
VIENNAOMV is seeking a buyer for Turkish unit Petrol Ofisi, in line with its strategy of focusing on upstream and integrated downstream businesses, the Austrian energy company said on Feb. 12, as reported by Reuters.
“OMV announces to initiate a process to sell up to 100 percent of its wholly owned subsidiary OMV Petrol Ofisi A. Ş., a leading company in the Turkish oil products retail and wholesale market. OMV is currently selecting its advisors to support the potential transaction and the structuring of the envisaged process. A potential transaction is aimed at optimizing OMV’s integrated portfolio in a challenging market environment,” said the statement.
Chief Executive Rainer Seele said in January that the situation in Turkey was not sustainable and that profitability had suffered due to state intervention.
Petrol Ofisi is the Turkish market leader in fuel distribution. With 1,785 fuel stations the company operates the largest retail station network in Turkey and it is a leading fuels supplier to commercial and industrial customers, according to company statement.