International Business

In response to rumors that Aramco is one of the companies to place bids for the second-round sales of Petrol Ofisi Inc. (PO), which is owned by the Austrian energy company OMV, Saudi Commerce and Investment Minister Majid bin Abdullah Al Qasabi has said Saudi national oil company Aramco is interested in investment opportunities in Turkey. He added that the Saudi national oil giant might seize opportunities in Turkey in the fields of refining, storage and distribution.

Al Qasabi assessed Aramco’s vision and the development process of Turkish-Saudi trade relations. According to Al Qasabi, Aramco takes special interest in Turkish companies operating in the petro-chemical sector. Aramco signed a memorandum of understanding with 18 Turkish companies during October’s World Energy Congress in Istanbul.

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Referring to the deals signed, the minister also noted that these deals will make it easier for Turkish companies to bid for Aramco’s various projects. Meanwhile, the State Oil Company of Azerbaijan Republic (SOCAR), Koç Holding and Opet Oil companies are also interested in the sale of Petrol Ofisi, in relation to which Aramco is receiving consultancy services from HSBC.

The OMV decided to sell off 100 percent of its shares in its subsidiary Petrol Ofisi in February 2016. With sales of TRY 33 bn in 2014, OMV Petrol Ofisi is the second largest private company in Turkey. OMV Petrol Ofisi is Turkey’s leading fuel products distribution and lubricants company with approximately 2000 filling stations, 1 lubricants plant, 11 fuel and 3 LPG terminals, 19 aviation units and approximately 1.17 million m³ storage capacity.

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