Vitol has completed its acquisition of Petrol Ofisi Holding in Turkey.
Petrol Ofisi comprises the largest retail station network of over 1,700 service stations, the largest fuel storage and logistics business in Turkey with more than 1 million m3 of storage capacity. It is also Turkey's leading distributor of lubricants and the into wing supply of jet fuel at 20 airports.
Javed Ahmed, head of investments, Vitol and chairman of Petrol Ofisi, says: 'As long-term investors we see strong potential in the Turkish market. Petrol Ofisi has been the market leader serving Turkey's energy consumers for over 75 years.
'Vitol has a history of investing to grow businesses and this is a tremendous opportunity to refocus Petrol Ofisi for the future.'
Expanding Oiltanking's footprint in North AmericaThe Trump effect Who's steering the ship? Expanding into new storage opportunities Unleashing America's energy Resurgent petroleum industry driving storage requirements Finite element analysis in cryogenic and refrigerated tank storage design Optimising tank terminal operations: from insight to digitalisation How to avoid building a new 10-year-old terminal Plastic tanks: Farewell to 'fit and forget'