ISTANBUL (Dow Jones)--Turkey's Competition Board Monday approved the sale of Turkey's sixth-largest fuel distributor Akpet to Russia's largest independent oil producer OAO Lukoil (LKOH.RS), the Ihlas News Agency, or IHA, reports.
In a statement on its Web site, the board said it approved sale of Akpet, which operates 693 gas filling stations and has a 5% market share in Turkey. The deal also includes eight oil product terminals, five storage tanks for liquified natural gas, three jet fuel terminals as well as a motor oil production and packaging plant.
In July, Lukoil said it paid $500 million for a 100% stake in Akpet.