Prince Salman enters the Turkish market
It is reported that the Saudi Arabian oil giant Saudi Aramco is preparing for a major investment in Turkey's fuel distribution sector and is in talks for a partnership of up to 49 percent in GüzelEnerji, a subsidiary of the OYAK group.
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Saudi Aramco, known as the world's largest oil exporter, is preparing for a strategic move into the Turkish market. It has been stated that partnership negotiations with GüzelEnerji, a significant player in the fuel distribution sector, gained momentum following a recent visit to Istanbul. According to information obtained from industry sources, it is being discussed that Aramco could also become a partner in the TotalEnergies, M Oil, and Türk Petrol brands operating under the GüzelEnerji umbrella.
Uğur Doğan, Chairman of the Board of OYAK Energy Companies, stated regarding the scope of the contacts with Saudi Aramco, "We are conducting discussions with the Saudi Arabia-based oil giant Saudi Aramco regarding partnerships, commercial cooperation, and strategic investment opportunities in the energy sector." Doğan also emphasized that a situation such as the sale of the entire company or the transfer of all shares is not on the agenda; however, the door is open for partnerships or share transfers at certain rates.
While GüzelEnerji is the main focus of the negotiations, the possibility that the TotalEnergies, M Oil, and Türk Petrol brands under this company's roof could be included in the scope of the partnership stands out. Although it has not yet been finalized whether there is a definitive decision or agreement, according to behind-the-scenes information, it is stated that Aramco could become a partner of up to 49 percent. Industry representatives expect clear information regarding the details of the process and the final partnership ratio to take shape in the coming days.
GüzelEnerji's operational strength across Turkey is noteworthy. The company owns facilities with a total fuel and LPG storage capacity of 550 thousand cubic meters in Gebze, Aliağa, Tekirdağ Marmara Ereğlisi, Ankara, Yarımca, and Samsun. It also has a lubricant factory in the Çiğli district of İzmir. According to current data on its website, GüzelEnerji ranks 4th in the fuel sector with a network of over 1,000 stations nationwide and holds an 8.54 percent share in the diesel market and a 7.47 percent share in the gasoline market.
Saudi Aramco's entry into the Turkish market with a partnership move of this magnitude is considered a significant development for the sector. How the negotiations will conclude and at what scale the partnership structure will be implemented is awaited with curiosity.