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Vitol has confirmed that VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd, has agreed to acquire OMV Petrol Ofisi Holding A.S (Petrol Ofisi) from OMV AG, the international integrated oil and gas company headquartered in Vienna, subject to certain conditions precedent and relevant regulatory approvals. The total purchase price of the transaction amounts to EUR 1,368 million.

Commenting on the acquisition, Ian Taylor, President & CEO, Vitol said: "This is a strong business in a growing market. Its market leading brand has benefitted from OMV's focus on high standards of HSSE. We are committed to maintaining this excellent track record and greatly look forward to working with the Petrol Ofisi team to capitalise on Turkey's strong economic performance and growing demand for energy products."

Petrol Ofisi is a leading player in the Turkish fuel distribution industry with a market share of around 23 percent.

With more than 1,700 fuel service stations, the company operates the largest retail station network in Turkey and is a leading fuels supplier to commercial and industrial customers.

In addition, Petrol Ofisi owns the largest fuel storage and logistics business in Turkey with a total storage capacity in excess of one million cubic metres. It is also the largest distributor of lubricants in Turkey.

In the Turkish bunker market, Petrol Ofisi is estimated to have a market share of around 20 percent, with annual sales of approximately 400,000 metric tonnes.

The company's total sales volume in 2016 amounted to 10.68 million tonnes.

Bunker Index reported in February 2016 that OMV Group had begun the process of potentially selling up to 100 percent of Petrol Ofisi.

"OMV is currently selecting its advisors to support the potential transaction and the structuring of the envisaged process. A potential transaction is aimed at optimizing OMV's integrated portfolio in a challenging market environment," OMV said at the time.