OMG...OMV

Oh my God. Only a day after losing the tax case in the court. OMV, the leading energy Group in the European growth belt, today agreed with the Turkish company Doğan Holding to increase OMV’s stake in Petrol Ofisi A.S., one of the leading companies in the Turkish oil products retail and commercial markets, from 41.58% to 95.75%, thereby taking full control of this company. This acquisition is a further step in OMV’s growth strategy and aims at positioning Turkey as a third hub, besides Austria and Romania, within the integrated energy Group. In addition to the activities of Petrol Ofisi, the gas-fired power plant in Samsun (under construction) and the Nabucco gas pipeline project, Turkey represents a strategic bridgehead to the resource-rich Caspian Region and the Middle East.

Mavi Boncuk

Austrian gas and oil company OMV AG (OMVKY, OMV.VI) said late Friday it would acquire a majority stake in Turkish fuel and oil products retailer Petrol Ofisi AS (PTOFS.IS), in a EUR1 billion transaction aimed at making Turkey a third hub for OMV's operations.

OMV, which previously owned 41.58% of Petrol Ofisi, increased its share to 95.75% by buying the stake from Dogan Holding, a Turkish investment company.

"This acquisition is a further step in OMV's growth strategy and aims at positioning Turkey as a third hub, besides Austria and Romania, within the integrated energy Group," OMV said in a regulatory filing. "Turkey represents a strategic bridgehead to the resource-rich Caspian Region and the Middle East."

Petrol Ofisi, headquartered in Istanbul, is one of the leading companies in the Turkish oil business with a market share of approximately 27% in fuels and sales volumes of around 7.4 mn t in 2009. The company has significant storage capacities of approx. 1 mn cbm – these are about 25% of Turkey’s total storage capacity – which are strategically well located, and offer opportunities for further expansion. In 2009, Petrol Ofisi recorded an EBIT of EUR 290 mn with a network of approximately 2,500 filling stations and approximately 1,000 people employed.