A 111-year era ends: Petrol Ofisi acquires BP

Oil giant BP, which began operations in Turkey 111 years ago, has transferred its 770 fuel stations and licensing rights to Petrol Ofisi.

In a statement made by Petrol Ofisi, the price of the transaction, which covers BP's BP Petrolleri AŞ and BP Turkey Refining Limited companies in the Turkish market and is subject to regulatory approval, was not disclosed.

The statement noted that the sale, which is subject to the approval of the Turkish Competition Authority, is expected to be completed in 2024.

In the statement, Vitol Board Member Chris Bake, the main shareholder of Petrol Ofisi, said: "We are extremely happy to take this step, which will further strengthen the Petrol Ofisi Group, the national pride of the Turkish energy sector. We have full confidence in the future of Turkey with its young and dynamic population and growth potential."

Petrol Ofisi Group CEO Mehmet Abbasoğlu also commented: "We are looking forward to this exciting union that will further consolidate our strength in the market and to our new team members joining us."

News Source: AA