bp has reached an agreement to sell its shares in BP Turkey Refining Limited and BP Petrolleri A.Ş. to Petrol Ofisi, owned by Vitol, for an undisclosed sum. The deal is subject to certain conditions precedent, including regulatory approvals.

On completion, it is expected that Petrol Ofisi will have a network of around 2,700 service stations in Türkiye, an improved presence in major cities, underpinned by a strategic storage and infrastructure network. A network of around 770 bp-branded retail sites will be rebranded under Petrol Ofisi following completion.

bp’s subsidiary BP Turkey Refining Limited holds a 51% stake in the ATAS Anadolu Tasfiyehanesi AS joint venture.

Chris Bake, chair, Petrol Ofisi and member of the Vitol executive committee said; “We are delighted to be working towards building a stronger national champion for Türkiye’s energy sector. With its young population and potential for growth, we believe in Türkiye’s future.”

Mehmet Abbasoğlu, CEO, Petrol Ofisi added; “We are very excited by this opportunity to build a stronger strategic platform to serve the Turkish market. We look forward to welcoming our new colleagues in due course.”

Subject to receipt of regulatory approvals, the sale of bp’s shares in BP Turkey Refining Limited and BP Petrolleri A.Ş. is expected to complete in 2024.

About bp

bp (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.

About Vitol

Vitol is a leader in the energy sector with a presence across the spectrum: from oil through to power, renewables and carbon. Chartering circa 6,000 sea voyages every year, it trades 7.4 million barrels per day of crude oil and products, 13.7 million mt LNG per annum and has contracted sales of 1,500 TWh of natural gas each year.

Vitol's clients include national oil companies, multinationals, leading industrial companies and utilities. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: gas to power production, thermal and renewable power plants with circa 1.2 GW of capacity, more than 17 million m3 of storage globally, 500,000 barrels per day of refining capacity, over 7,000 service stations and a growing portfolio of transitional and renewable energy assets. Revenues in 2022 were $505 billion.