Austria’s OMV completed the acquisition of a 54.14% stake in Turkish oil products maker, Petrol Ofisi.
With this transaction OMV increases its stake in Petrol Ofisi from 41.58% to 95.72%, thereby fully consolidating the company within the OMV Group.
The purchase price paid today for Turkish investment company DoğanHolding’s 54.14% stake in Petrol Ofisi amounts to US$694.6 million. OMV has hedged the USD component.
The transaction is a further step in OMV’s growth strategy and aims at positioning Turkey as a third hub after Austria and Romania, within the integrated energy Group. In addition to the activities of Petrol Ofisi, the gas-fired power plant in Samsun (under construction) and the Nabucco gas pipeline project, Turkey represents a strategic bridgehead to the resource-rich Caspian Region and the Middle East.
Wolfgang Ruttenstorfer, OMV’s CEO, stated: “With the closing of this transaction we have strengthened our position as integrated market leader in Central and Southeastern Europe. We are looking forward to carrying on with the long lasting tradition and successful company history of Petrol Ofisi and will build upon this strong basis to grow all OMV business segments through our integrated business model.”
Gerhard Roiss, deputy CEO and responsible for Refining and Marketing added: “With the increase of our stake in Petrol Ofisi, we have enhanced our leading position in one of our core markets. This acquisition doubles the size of OMV’s marketing network and significantly increases our sales volumes. We are now looking forward to further developing Petrol Ofisi, a solid and well-known brand in the Turkish growth market.”
