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Azerbaijan plans to buy another large company in Turkey

08 January 2014 09:21 (UTC +04:00)

APA-Economics reports quoting Turkish media that SOCAR intends to buy Austrian OMV’s Petrol Ofisi.

OMV has reportedly decided to sell the major stake of its business in Turkey and leave the market. The company is holding talks with two strong clients. One of them is SOCAR, which has made large investments in Petkim and TANAP projects in Turkey. The other company intending to buy Petro Ofisi is Shell (UK-Netherlands).

SOCAR, which plans to open filling stations in Turkey, is interested in buying into the company owning large chain of petrol stations. If OMV can completely sell Petrol Ofisi to SOCAR, it will leave Turkey. But the value of this deal is not publicized. If the talks fail, the company will sell a part of its shares to Shell and will have to remain in Turkey for some time.

Austrian OMV bought 54.17% shares of Petrol Ofisi from Dogan Holding in 2010 having paid 1 billion euros. It then increased its stake in the company to 97 percent. Currently, OMV is operating 61 companies and 12 526 petrol stations in Turkey. Last year the company had market share of 21.7% gasoline, 25.6% gasoil in Turkey.