Turkish fuel and oil products distributor Petrol Ofisi AS (PTOFS.IS), or POAS, said Tuesday that it has reached an agreement to buy a 26.75% stake in a gas production project in the Black Sea from the Turkish unit of Toreador Resources Corp. (TRGL) for $55 million, the Ihlas News Agency, or IHA, reported.
With the agreement, Toreador's stake in the project falls to 10%.
At 0825 GMT POAS shares were trading 1.07% higher at TRY3.78 amid a 1.11% higher overall market.