Turkey: OMV to sell its 1,785 gas station subsidiary

OMV has announced plans to sell up to 100% of its Turkish subsidiary OMV 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 Petrol Ofisi is a leading player in the Turkish fuel distribution industry. With 1,785 fuel stations the company operates the largest retail station network in Turkey and it is a leading fuels supplier to commercial and industrial customers.

Total sales volume in 2015 amounted to ca. 10 million tons. In addition, OMV Petrol Ofisi owns the largest fuel storage and logistics business in Turkey with a total storage capacity in excess of 1 million cubic meters. The company is also the largest distributor of lubricants in the country.

Vienna-based OMV is looking to free-up assets and raise cash as it prepares for a long period of low oil prices, according to information from Bloomberg.

OMV is considered one of Central Europe´s biggest fuel retailers with a gas station network of approximately 4,100 filling stations in 11 countries as of end of 2014.