Turkey Financial News

Posted by meb at November 26th, 2008

Lukoil Eurasia Petrol JSC, a subsidiary of Russia’s largest oil company, Lukoil, has completed the final steps to purchase Akpet, a Turkish oil distribution company.

Lukoil agreed to acquire Akpet in July. In a statement yesterday, Lukoil President Vagit Alekperov announced that his company will pay $555 million for the Turkish oil firm, whose 693 gas stations account for about 5 percent of the Turkish market.

Akpet facilities include eight oil terminals with a total capacity of 300,000 cubic meters, five liquefied petroleum gas (LPG) depots, three jet fuel depots and a lubricants production and packaging plant in İzmir’s Aliağa district with a capacity of 12,000 tons per year. (more…)

Posted by meb at July 28th, 2008

Lukoil, Russia’s second-largest oil producer, has acquired 100 percent of Turkish firm Akpet, which accounts for about 5 percent of Turkey’s oil retail market, the company said on Monday.

Lukoil said in a statement the deal gives it access to eight oil product terminals with a total capacity of 300,000 cubic meters, five liquefied natural gas (LNG) storage tanks with a total capacity of 7,650 cubic meters and three jet fuel terminals with a capacity of 7,000 cubic meters. (more…)