Austrian OMV completed the sale of Turkish Petrol Ofisi to Vitol Investment Partnership, the company announced on Tuesday.
OMV
sold Petrol Ofisi to VIP Turkey Enerji, a subsidiary of Vitol
Investment Partnership, following the fulfilment of the agreed
conditions, including the relevant regulatory approvals, according to a
statement by the Austrian company.
The € 1.37 billion agreement was signed on March 3, 2017.
The company said that the net cash impact on OMV will be slightly below €1 billion in the second quarter of 2017.
Petrol
Ofisi, with over 1,709 fuel dispensing facilities across Turkey, has
been put for sale in February, 2016 due to financial difficulties. Since
then, several international and domestic companies was scrutinizing the
sales process.
As a leading player in the Turkish fuel
distribution industry, Petrol Ofisi also operates the largest retail
station network in Turkey. Moreover, it is a major fuels supplier to
commercial and industrial customers.
(Anadolu Agency)