BP completes exit from Türkiye’s fuel market

British multinational oil and gas company giant BP has officially finalized the sale of its fuel and terminal operations in Türkiye to Petrol Ofisi (PO) Group, marking its complete withdrawal from the Turkish market. This transition includes a rebranding of BP service stations, which will soon operate under the Petrol Ofisi name.

The acquisition encompasses BP’s shares in BP Turkey Refining Limited and BP Petrolleri AS, as well as interests in the ATAS, Cekisan, and Ambarli joint venture terminals. In a statement, PO Group CEO Mehmet Abbasoglu expressed enthusiasm for this significant development, highlighting its potential impact on Türkiye’s energy sector and transition goals.

He stated, “We are very happy to welcome the new century of our Republic with a transaction that will serve as a reference for the sector and contribute to Türkiye’s energy transition goals.”

The share purchase agreement for BP’s operations was signed on November 14, 2023, following the Competition Authority’s approval on September 12. The PO Group aims to leverage nearly two centuries of combined experience from the acquired operations to invest in sustainable development initiatives.