The pension fund of the Turkish Armed Forces OYAK applied to Turkey's competition watchdog to acquire Demiroren Holding's Total Oil Turkey and M Oil, it announced on Tuesday.
In a fund announcement, it was reported that OYAK is also in talks with Demiroren Holding for the acquisition of autogas company Milangaz. Demiroren Holding operates approximately 900 stations in TOTAL Oil Turkey and M Oil companies.
"OYAK aims to be one of the major players in the fuel oil and autogas sector, which directly affects more than 30 main sectors and provides direct employment to approximately 150 thousand people," OYAK's statement read.
"With the vision of offering privileged and advantageous services to its members, OYAK will continue to use its members' savings for productive investments and act as a partner in our country's growth and job creation goals," it noted.
Anadoly Agency
