OMV’s purchase of Petrol Ofisi opens way for Turkey hub

26 October 2010 13:45  [Source: ICIS news]

PRAGUE (ICIS)--OMV's €1bn ($1.4bn) takeover of Turkish refined oil products marketing company Petrol Ofisi gives the Austrian group the chance to develop a third business hub, Moody's Investors Service said on Tuesday.

In analysis released after OMV said Petrol Ofisi could channel investments into refining, petrochemical and gas opportunities in Turkey, specifically via the purchase of a stake in a 15m tonne/year refinery in the port of Ceyhan in southern Turkey, the ratings agency said: “Moody's recognises that this transaction is consistent with OMV's strategy to position itself along the European Growth Belt.

“More specifically, the acquisition of Petrol Ofisi will allow OMV to accelerate the process of developing Turkey as a third integrated business hub [besides Austria and Romania].”

OMV committed to buying majority control of Petrol Ofisi - Turkey's largest fuel retailer - on 22 October.

($1 = €0.72)

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By: Will Conroy
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