OPET Petrolculuk

completed

Opet Petrolcülük A.S. (Opet or the company) is a retail distributor of petroleum products in Turkey, owned 50% by the Koç Group of Turkey and 50% by Opet’s founding shareholders, the Ozturk family. The project is aimed at strengthening the company’s position in the Turkish petroleum products distribution industry and enhancing its competitiveness in advance of further liberalization. The project is comprised of :- the construction of a greenfield marine terminal and tank storage facility which will increase the company’s oil products storage capacity from 320,000 m3 to 766,000 m3; and,- expansion of the company’s existing retail distribution network, with new stations primarily located in the larger cities of Turkey. The distribution expansion network will enhance the company’s brand recognition in the lucrative Istanbul, Izmir and other larger retail markets. In addition, the project will enable Opet to import larger parcels of products, store in-house, reduce transportation costs and improve the reliability of supply, while simultaneously supporting growth in its fuel distribution business. Opet hopes to take advantage of its strategic location at the mouth of the Black Sea to offer bunkering facilities for Caspian oil products. The intense sea traffic in the region will also give Opet the opportunity to purchase low-cost petroleum products.