State-run Saudi Aramco is in the lead to buy Austrian oil firm OMV’s wholly-owned Petrol Ofisi, a Turkish fuel products retailer, Reuters reported Wednesday, citing unnamed sources familiar with the matter.
The Saudi oil giant has submitted a bid, but no decision has been taken yet.
Meanwhile, State Oil Company of Azerbaijan (SOCAR) had also placed a bid, the sources added.
The ownership of a large number of fuel stations in Turkey would enable SOCAR to offer an outlet for its Star refinery being built in Turkey, set for completion next year.
Earlier this month, OMV said it expects to conclude the sale of Petrol Ofisi in 2017.
The Austrian company announced a plan last year to sell the Turkish firm in order to focus on its upstream oil and gas production businesses, as well as its integrated downstream refining, sales and distribution operations.
Comments
{{DisplayName}}
{{ElapsedTime}}