11/2/2010

OMV buys most of Turkish oil firm

The Wall Street Journal - Austrian gas and oil company OMV AG said it would acquire a majority stake in Turkish fuel and oil products retailer Petrol Ofisi A.S., in a EUR 1 billion (USD 1.39 billion) transaction aimed at making Turkey a third hub for OMV's operations.

OMV, which previously owned 41.58 percent of Petrol Ofisi, increased its share to 95.75 percent by buying the stake from Dogan Holding, a Turkish 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," said OMV on Friday in a regulatory filing. "Turkey represents a strategic bridgehead to the resource-rich Caspian region and the Middle East."
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turkey; energy industry; oil company; petrol ofisi; omv; acquisition; caspian; dogan holding