French Total Sells Its Turkish Operation

Total has said it signed an agreement to sell its service station network and commercial sales, supply and logistics assets located in Turkey to Demirören for 325 million euros (around $356 million) in a written statement on Sept. 1.

The transaction is subject to the customary approvals.

Total will, however, maintain a petroleum product marketing presence in Turkey through its lubricant activities, including a blending plant in Menemen and odorless LPG operations. The two businesses will be transferred to a separate company prior to completion of the sale, said the company.

Demirören is one of Turkey’s largest business groups, expanding rapidly over the last 60 years in a variety of fields, from manufacturing and construction to tourism, education and the media. Demirören subsidiary Milangaz is the country’s leading LPG supplier.

Total Oil Turkey, a wholly owned subsidiary of Total, is the fifth-largest oil distributor in Turkey according to the statement.

(Hurriyet Daily News)