Turkey: Akpet Acquired by Lukoil for us$500m

Lukoil President Vagit Alekperov did not disclose the terms of the deal, only saying that his firm would pay "slightly more than" half a billion dollars for Akpet, whose 693 petrol stations account for some 5 percent of the Turkish market.

Akpet operates 693 gas filling stations on the basis of dealer agreements, accounting for about 5% of the Turkish retail market. The acquired assets include:
*8 oil product terminals with the total capacity of 300 thousand m3;
*5 LNG storage tanks with the total capacity of 7.65 thousand m3;
*3 jet fuel terminals with the capacity of 7 thousand m3;
*Service station network 693
*Motor oil production and packaging plant with the capacity of 12 thousand tons per year.
It should be noted that 6 of the 8 Akpet oil product terminals have access to the sea shipment routes and 3 of the 8 oil terminals are connected to the TUPRAS refinery by a product pipeline network.

Supplies of oil products for sale through the retail outlets will be ensured from LUKOIL Neftokhim Burgas Refinery in Bulgaria and ISAB Refinery in Sicily, Italy.

According to Vagit Alekperov, “acquisition of large retail assets in Turkey expands LUKOIL international retail network by 18%. It is one of the key elements of the Company’s downstream strategy in the Black Sea and Mediterranean markets, aimed at supply of our products to end users with high added value”.

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