Acquisition of Petrol Ofisi clearly meets OMV's strategy
Azerbaijan, Baku, Oct. 25 / Trend A. Yusifzade /
The acquisition of Turkish company Petrol Ofisi clearly meets the corporate strategy of OMV, designed for rich hydrocarbon resources of the Caspian region and Middle East.
OMV is one of the shareholders of the Nabucco pipeline.
OMV company is the leading energy group of Central Europe. It agreed with Turkey's Doğan Holding to increase its stake in Petrol Ofisi AS. It is one of the leading company in retail and commercial sales of oil products on the Turkish market.
According to the agreement, OMV will increase its stake in Petrol Ofisi up from 41.58 percent to 95.75 percent, thereby taking full control over the Turkish company into its hands. The contract is worth 1 billion euros.
Turkey is one of the largest and fastest growing markets in the region. The demand for oil products in Turkey now hits 29 million tons a year. According to the forecasts, it will increase up to 32 million tons by 2015.