Austria’s OM V takes over Turkish fuel retailer Petrol Ofisi for $1.4 billion

One of Austria' s largest listed companies and a leading European energy group OMV AG is poised to become the sole controlling stake holder in Turkey' s leading fuel retailer Petrol Ofisi AS by purchasing additional 54.17 per cent stake from Dogan Holding for €1 billion ($1.4 billion).

The acquisition will increase OMV' s stake in Petrol Ofisi to 95.75 per cent from the present 41.58 per cent, the company said in a statement Friday.

Istanbul-headquartered Petrol Ofisi is a leading company in the Turkish oil business with a market share of approximately 27 per cent in fuels with sales volumes of around 7.4 million tonnes in 2009. It reported earnings before interest and taxes (EBIT) of $290 million in 2009, employing around 1,000 people.

Petrol Ofisi has a nation-wide network of around 2,500 filling stations and approximately 1 million cubic metres of storage capacity in strategic locations.

OMV's CEO Wolfgang Ruttenstorfer said: '' Petrol Ofisi is one of the leading companies in the Turkish market with an established brand, a long-lasting tradition, and a strong relationship with the country itself.''

'' Petrol Ofisi has a nationwide filling station network and we are proud to continue this successful company history and to further strengthen the company' s position in Turkey which plays a growing economic role in the region,'' Ruttenstorfer further stated.