OMV and Dogan Holding in negotiations regarding a potential acquisition of Petrol Ofisi
August 05, 2009 - 07:30
OMV, the leading energy company in the European growth belt, and Turkish company Dogan Holding herewith announce that they are engaged in negotiations regarding OMV’s intention to acquire Dogan Holding’s stake in Petrol Ofisi. Petrol Ofisi is Turkey's leading refined oil products marketing company, active both in retail and commercial business.
OMV entered the Turkish market in 2006 by acquiring 34% of Petrol Ofisi, and increased its stake to 41.58% in the following years. Dogan Holding, which owns 54.17% of Petrol Ofisi, is the other major shareholder of the company.
OMV and Dogan referred to their stable partnership in Petrol Ofisi and added that there is no time pressure on any side but only the intention to optimise the respective portfolios. Both partners also stated that a continuation of the existing partnership may also be a possible outcome of the negotiations.
To strengthen its presence in Turkey would be consistent with OMV's strategy to optimize its position in markets with substantial mid- and long-term growth rates in Central and Southeastern Europe.
Background information:
Petrol Ofisi
Established in 1941, Petrol Ofisi today is the leading Turkish company in the retail and commercial business sectors. Becoming a joint stock company in 1983, Petrol Ofisi today conducts its activities through the strongest logistic network in Turkey: consisting of approx. 3,200 retail stations (the only full-coverage retail station network), 10 fuel terminals, 2 LPG terminals, 35 air-supply units and 1 lubricant plant. In 2008, Petrol Ofisi showed an EBIT of USD 605 mn and employed approx. 1,100 people.
With its approx. 3,200 fuel stations, Petrol Ofisi holds a market share of around 30%. Including wholesale activities the company is the major supplier of the Turkish public sector and industry with a market share of 48% in black products and 72% in aviation. Currently Petrol Ofisi provides 24% of Turkey’s total storage capacity (10 fuel terminals and 2 LPG terminals).
In 2006 OMV acquired a 34% share in the company thereby successfully entering the Turkish growth market and supporting its sustainable growth strategy. To date, OMV holds a 41.58% share in Petrol Ofisi.
Further information available at www.poas.com.tr
OMV Aktiengesellschaft
With Group sales of EUR 25.54 bn and a workforce of 41,282 employees in 2008, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. As the leading energy group in the European growth belt, OMV is active in Refining and Marketing (R&M) in 13 countries. In Exploration and Production (E&P) OMV is active in 17 countries on four continents. In Gas and Power (G&P) OMV sells approximately 13 bcm gas per year. Via Baumgarten, one of the most important turntables for gas in Europe, approximately 66 bcm gas is transported annually. OMV’s Central European Gas Hub is amongst the three largest hubs in Continental Europe.
OMV is the leading energy group in the European growth belt with oil and gas reserves of approximately. 1.2 bn boe, daily production of around 308,000 boe and an annual refining capacity of approximately 26 mn t. OMV now has 2,477 filling stations in 13 countries. The market share of the group in the R&M business segment in the Danube Region is now 20%.
OMV further strengthened its leading position in the European growth belt through the acquisition of 41.58% of Petrol Ofisi, Turkey’s leading company in the retail and commercial business.
In June 2006, OMV has established the OMV Future Energy Fund, a wholly owned subsidiary to support projects in renewable energy with more than EUR 100 mn to initiate the change from a pure oil and gas group to an energy group with renewable energy in its portfolio.
OMV Corporate Social Responsibility (CSR)
OMV is a member of the UN Global Compact and actively committed to the values enshrined in its Code of Conduct. These include a strong sense of responsibility towards the social and natural environment in economically weak regions. OMV works hard to address economic, environmental and social issues related to its operations. The company reports on its CSR activities in a sustainability report according to Global Reporting Initiative guidelines. This report is published at the same time as the annual report.