OMV, Central Europe’s leading oil and gas company, has closed the acquisition of a 34% stake in Petrol Ofisi, Turkey’s leading company in the filling station and commercial business sectors. The agreement was signed with Doğan Holding, the previous principal shareholder, on March 13, 2006. The purchase price was USD 1.054 billion. As equal partners, OMV and Doğan Holding will jointly control the company’s business activities. Today’s closing marks the conclusion of the transaction.
Gerhard Roiss, OMV’s Deputy CEO, who is responsible for the Refining and Marketing business segment, explained, “The acquisition of 34% of Petrol Ofisi is an important milestone in the expansion of OMV. With approximately 3,600 stations, Petrol Ofisi has a country-wide filling station network in Turkey. Along with the more than 2,500 OMV filling stations in Central Europe, this clearly enables us to strengthen our position in the European filling station market.“
The growth potential in Turkey is considerable: Turkey has more than 72 million inhabitants and its economy is growing at a higher rate than the satured markets in Western Europe. GDP growth rate for 2005 was 7.4%. The car density in Turkey is relatively low with 66 vehicles per 1,000 inhabitants compared to an average of 400 cars per 1,000 inhabitants in the Danube region.
Petrol Ofisi has a market share of 35% in fuel products and a sales volume of approximately 8.1 million tons (2005). The company has comprehensive storage and logistics capacities of 800,000 m³, which will be further expanded. Petrol Ofisi has approximately 1,000 employees and recorded sales of around USD 9 billion in the year 2005.
Opportunities for further growth
Entering the Turkish market is in line with OMV’s strategy for 2010 and strengthens the position of OMV in the European growth belt. OMV’s presence in Turkey will bring lasting advantages to all of its business segments – for R&M it brings along a consequent expansion of the retail and commercial business. In addition, the joint the construction of a refinery to meet increasing demand is under consideration. A presence in Turkey will also strengthen OMV’s E&P business in its search for new opportunities in the Middle East and Caspian Region. OMV Gas’ efforts with the Nabucco Pipeline should also benefit from the OMV Group’s entry into the Turkish market.
