TotalFinaElf buys rest of Turkish marketing joint venture

TotalFinaElf said Friday it is buying full ownership of Total Oil Turkiye, a petroleum product marketing joint venture in Turkey. It purchased a 49% interest in the firm from Turkish conglomerate Colakoglu. Total Oil Turkiye operates more than 330 service stations in Turkey, giving it a 6% market share.

Jun 1st, 2001


By the OGJ Online Staff

HOUSTON, June 1 -- TotalFinaElf SA said Friday it is buying full ownership of Total Oil Turkiye, a petroleum product marketing joint venture in Turkey.

It purchased a 49% interest in the firm from Turkish conglomerate Colakoglu.

Total Oil Turkiye operates more than 330 service stations in Turkey, giving it a 6% market share, and has product depots near Istanbul, Izmit, and Izmir.

TottalFinaElf said the purchase is part of its strategy to develop its Mediterranean refining and marketing operations.

It also owns 68% of Selyak, a motor fuel marking joint venture with Turkey's Oyak. Selyak has 156 retail outlets and a 4% share of the gasoil and lubricants market.

TotalFinaElf's wholly-owned subsidiary Tupgaz has 6% of Turkey's liquefied petroleum gas market.

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