BP leaves Turkish retail market

Vitol’s Petrol Ofisi agreed to buy BP Plc’s gas station operations in Türkiye, as the world’s biggest independent oil trader raises its bet on downstream assets by adding to what is already the country’s largest fueling network, Report informs via Bloomberg.

Vitol’s subsidiary will expand its Turkish retail network by 779 stations to more than 2,700 sites. The deal, which the companies expect to gain regulatory approval in 2024, also includes BP’s share of the ATAS Anadolu Tasfiyehanesi oil terminal. The terms of the acquisition weren’t disclosed.

“With its young population and potential for growth,” we believe in Türkiye’s future, Vitol executive board member Chris Bake, who is also chair of Petrol Ofisi, said in a statement.

The ATAS terminal stake also gives the trader additional weight in regional oil markets; Vitol is a substantial buyer of crude that arrives in the Black Sea via the CPC pipeline.

BP said in a separate statement that the decision followed a strategic review of its fuel business in Türkiye, without elaborating. BP’s other operations in Türkiye, including Castrol, the BTC and TANAP pipelines, aren’t part of the deal.