Vitol’s Petrol Ofisi acquires bp’s Turkish fuel operations

bp has reached an agreement to sell its shares in BP Turkey Refining Limited and BP Petrolleri A.Ş. to Petrol Ofisi, owned by Vitol, for an undisclosed sum. The deal is subject to certain conditions, including regulatory approvals.

The acquisition includes bp’s network of fuel stations across Türkiye, as well as its commercial and industrial fuel businesses. This expansion positions Petrol Ofisi as a key player in Türkiye’s energy landscape, offering a broader range of services and products to its customers.

Upon completion of the transaction, it is expected that Petrol Ofisi will have a network of around 2,700 service stations in Türkiye, an improved presence in major cities, underpinned by a strategic storage and infrastructure network. A network of around 770 bp-branded retail sites will be rebranded under Petrol Ofisi following completion.

bp’s subsidiary BP Turkey Refining Limited holds a 51% stake in the ATAS Anadolu Tasfiyehanesi AS joint venture.

“We are delighted to be working towards building a stronger national champion for Türkiye’s energy sector. With its young population and potential for growth, we believe in Türkiye’s future,” said Chris Bake, chair, Petrol Ofisi and member of the Vitol executive committee.

Mehmet Abbasoğlu, CEO, Petrol Ofisi added; “We are very excited by this opportunity to build a stronger strategic platform to serve the Turkish market. We look forward to welcoming our new colleagues in due course.”

The sale of bp’s shares in BP Turkey Refining Limited and BP Petrolleri A.Ş. is expected to complete in 2024.

Petrol Ofisi’s acquisition of bp’s Turkish operations is a testament to Vitol’s strategic vision in the energy sector. By integrating bp’s established network into its operations, Petrol Ofisi is set to enhance its market presence and offer more comprehensive services to its customers in Türkiye.

The deal reflects the dynamic nature of the global energy market and Vitol’s adaptability in navigating this landscape. It also highlights the company’s commitment to investing in growth opportunities and expanding its reach in key markets.

Vitol, the world’s largest independent oil trader, acquired Petrol Ofisi in 2017. This acquisition marked a significant move for Vitol, expanding its operations and presence in the Turkish energy market. Petrol Ofisi, being one of the leading fuel products distribution and lubricants companies in Türkiye, represented a strategic asset for Vitol in the region.

For bp, this divestment aligns with its broader strategy of reshaping its business portfolio. The decision to sell its Turkish operations to Petrol Ofisi allows bp to focus on other areas of its global business while ensuring the continued quality of service for its customers in Türkiye.