Petrol Ofisi Group has signed a share purchase agreement to acquire BP's fuel operations in Turkey.
The transaction's price, including BP Petroleum INC and BP Turkey Refining Limited operating in the Turkish market, was not disclosed. The closing was subject to the approval of the regulatory authorities.
Chris Bake, board member of Vitol and the main shareholder of the Petrol Ofisi Group, said: "We are extremely happy to have taken this step that will strengthen the Petrol Ofisi Group - the national pride of the Turkish energy sector. We have full confidence in Turkey's future with its young and dynamic population and growth potential."
Petrol Ofisi Group CEO Mehmet Abbasoğlu added: "We are looking forward to this exciting venture that will strengthen our power in the market and our new teammates joining us."
The sale is subject to the approval of the Competition Authority and is expected to be completed in 2024.