Following BP's decision to cease its operations in Turkey in 2024, another significant piece of news regarding a sale in the fuel sector has emerged.
In July, Zeren Group signed an agreement to acquire Türkiye Petrolleri, one of Turkey's largest fuel chains. This deal, which covered nearly 700 fuel stations and 8 filling facilities, was approved by the Competition Authority in November.
However, as 2025 began, a surprise development occurred regarding the sales process. Zeren Group announced that negotiations with Zülfikar Holding, the owner of Türkiye Petrolleri, had failed and that the acquisition process had been canceled. The company stated that the decision was made because expectations were not met.
DEBT CRISIS BLOCKED THE SALE
According to a report by Patronlar Dünyası, the reason behind the cancellation lies in millions of dollars of debt discovered during Zeren Group's detailed due diligence. It is alleged that these debts, which were not previously disclosed by Zülfikar Holding, caused Zeren Group to step back in the final stages of the sale.
News Source: 12punto
