Turkey: Turkuaz Petrol to invest $100m in gas station network

Turkish fuel retailer Turkuaz Petrol will invest $100 million in the opening of new stations and rebranding others after the acquisition of Türkiye Petrolleri.

Turkuaz Petrol wants to unite all of its fuel stations – over 700 dealerships after the acquisition of Türkiye Petrolleri – under one single brand. For that purpose, and to continue with the expansion of their fuelling network, the Turkish company is willing to invest $100 million, reports Daily Sabah.

"We plan to reach 800 petrol stations by the end of 2018. At the end of next year or early 2019, our total investment amount for both new station investments and station changes will reach approximately $100 million," said Çağdaş Demirağ, General Manager of the Turkuaz Petrol and Türkiye Petrolleri companies.

After acquiring Türkiye Petrolleri for TL 490 million (USD 139m), the fuel retailer will merge the two existing companies under the Türkiye Petrolleri brand. "By strengthening the name of Türkiye Petrolleri, we are working on a project that will collect all the stations under this roof and we will carry out brand changes within two years,” added Demirağ.

The General Manager also expressed the company´s goal of becoming one of the top three fuel distributors in Turkey, with plans to continue acquiring competitors.