The Austrian oil group OMV is putting its Turkish subsidiary Petrol Ofisi up for sale, it announced last Friday, as part of a strategy to dispose of non-core assets. OMV has decided to focusing on growing its upstream crude oil and natural gas production operations and its integrated downstream refining, sales and distribution businesses. Petrol Ofisi’s retail station network no longer fitted with the company’s long-term plans, a spokesperson explained.
OMV has also been adversely affected by the slump in oil prices and was forced to write down around €2.2bn in 2015.
Turkey has some of the steepest fuel prices in Europe but heavy taxes and other regulations leave retailers with few opportunities for to increase either profits or margins.
A spokesman for OMV said that it was in the process of selecting advisors to sell the unit, which operates nearly 1,800 petrol stations in Turkey and which last year generated sales of around €10bn. If the sale is successful, OMV would become the second foreign company to sell its fuel distribution business in Turkey following Total’s exit last year.
OMV puts Turkish fuel subsidiary Petrol Ofisi’s 1800 petrol stations up for sale
Source: reuters