Azerbaijan, Baku, Oct. 23 / Trend E. Ismayilov /
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 percent to 95.75 percent, 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.
Wolfgang Ruttenstorfer, OMV's CEO, stated that we are looking forward to a good co-operation with all Petrol Ofisi employees. Petrol Ofisi is one of the leading companies in the Turkish market with an established brand, a long-lasting tradition and a strong relationship with the country itself. Petrol Ofisi has a nationwide filling station network and we are proud to continue this successful company history and to further strengthen the company's position in Turkey which plays a growing economic role in the region.
OMV agreed to acquire the 54.17 percent stake from Doğan Holding for EUR 1 bn. Closing of the transaction, which is subject to approval of the relevant authorities, including anti-trust clearance, is expected within the next three months. OMV and Doğan Holding have agreed to distribute a dividend to Petrol Ofisi shareholders before closing. Based on their respective shareholdings OMV shall receive $203 mn, Doğan Holding $265 mn and $21 mn shall be paid to free-float investors.
Wolfgang Ruttenstorfer, OMV's CEO, said that this acquisition of sole control in Petrol Ofisi further strengthens our position in the Turkish market and is in line with our corporate strategy to further strengthen our leading position in the European growth belt. We now have a strong footprint in the attractive markets of Central and Southeastern Europe (CE/SEE) and Turkey and we intend to further develop our integrated business model. Besides an expected positive impact on the Group's results, the transaction will put OMV in a favourable strategic position. Our leading role in the Turkish market opens a variety of opportunities, not only for the oil marketing business but also for our other corporate business units, as Turkey is a strategic bridgehead to the resource-rich Caspian Region and the Middle East.
Turkey is one of the largest and fastest growing markets in the region. The Turkish demand for oil products currently amounts to 29 mn t/y and is expected to increase to 32 mn t/y by 2015. The growth potential of the Turkish petroleum market can be illustrated by comparing the car density: Whereas in Germany approximately 570 people per 1,000 inhabitants have a car, in Turkey it is about 100 people.
Gerhard Roiss, deputy CEO and responsible for Refining and Marketing stated that today we have reached a major milestone in the expansion of the R&M business segment within the European growth belt. Petrol Ofisi owns the only nationwide filling station network in the fast growing Turkish market. OMV itself, with approximately 2,300 filling stations as of today, is a market leader in CE/SEE. With Petrol Ofisi's 2,500 stations, we have significantly strengthened our position as one of the leading companies in the European filling station market. Furthermore, this acquisition has broader strategic advantages to OMV, as our other business segments will also benefit from a strong, solid basis for further growth.