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Vitol sees off rival bids to acquire OMV's Petrol Ofisi fuels business in Turkey
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Report summary
Turkey's largest fuels marketing business, OMV Petrol Ofisi, has been acquired by the world's largest oil trader, Vitol, for €1.37 billion. With limited retail experience, Vitol will leverage its trading and logistics expertise to optimise the supply chain and maximise its margins. Turkey's growth market has suffered set backs in recent years from political instability, a weaker domestic currency and low fuel margins due to government-imposed price caps. OMV struggled to integrate Petrol Ofisi into the wider downstream business, divesting it as part of its portfolio high-grading and refocus on upstream growth.
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- Vitol sees off rival bids to acquire OMV's Petrol Ofisi fuels business in Turkey
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- OMV fuels marketing footprint and service stations decline
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