Turkuaz Petrol acquires Turkish Petroleum distribution corporation.
Turkish Petroleum and Turkuaz Petrol join forces
Turkuaz Petrol, a fuel distribution company under Zülfikarlar Holding, has taken over the management of Turkish Petroleum Distribution Corporation. Turkuaz Petrol became the highest bidder in the privatization tender for Turkish Petroleum Distribution Corporation with 490 million TL and acquired the company. Following the signature ceremony organized at the Privatization Administration, over 400 filling stations, 7 fuel storage facilities, a fuel storage capacity of 333 thousand cubic meters and 2 LPG filling facilities belonging to Turkish Petroleum were transferred to Turkuaz Petrol.
Çağdaş Demirağ, Turkuaz Petrol General Manager, expressed the pride they felt for joining forces with one of the most valuable brands in Turkey operating as a fuel distribution company under Turkish Petroleum and said the following:
“Our company Turkuaz Petrol, a company in Zülfikarlar Holding, rose to the champions league in our sector by merging with Turkish Petroleum. In order to strengthen our position in this league, we will become a complete family working in loyalty and solidarity and a team acting in unison. We will work for the Turkish Petroleum brand under the roof of Turkuaz Petrol. We will act with the goal of carrying the Turkish Petroleum brand to the top of the champions league.”
Ahmet Aksu, President of the Privatization Administration said the following in his remarks:
“We are happy to have completed the privatization process of Turkish Petroleum Distribution Corporation with success. With this privatization we not only created a major resource for the Turkish economy but also took the step to ensure that one of the strongest brands in our country grew further. I believe that one of the deepest-rooted companies in our country, Turkuaz Petrol, will make great contributions to the Turkish Petroleum brand. I hope that this merger will bring good fortune to our country.”
Our goal is to become one of the largest three brands in the sector
With this merger Turkuaz Petrol decided to change its brand in the existing filling stations and carry out all of its activities under the Turkish Petroleum brand. From now on the company will serve its customers in over 700 stations and to provide widespread service in 75 provinces in Turkey.
Demirağ said the merger of the two brands Turkuaz Petrol and Turkish Petroleum made them more competitive, “our goal is to strengthen our position in the top five in our sector and subsequently become one of the top three brands. Following this acquisition, we will work to create more value for our country with the Turkish Petroleum brand and create many success stories,” he added.
The administration held 100% of the shares in Turkish Petroleum which were privatized through the block sale method and negotiations.
