BP plc is selling its shares in BP Turkiye Refining Limited and BP Petrolleri A.Ş. to Vitol-owned Petrol Ofisi for an undisclosed sum.
The transaction is subject to certain conditions precedent, including regulatory approvals, Vitol said in a recent news release, adding that the sale is expected to close in 2024.
Upon completion of the sale, Vitol said it expects Petrol Ofisi to “have a network of around 2,700 service stations in Türkiye, an improved presence in major cities, underpinned by a strategic storage and infrastructure network”. A network of around 770 BP-branded retail sites will be rebranded under Petrol Ofisi.
Vitol noted that BP Turkiye Refining Limited holds a 51 percent stake in the ATAS Anadolu Tasfiyehanesi AS joint venture, which owns an oil storage and terminal facility in Turkiye.
“We are delighted to be working towards building a stronger national champion for Türkiye’s energy sector”, Petrol Ofisi Chair and Vitol Executive Committee Member Chris Bake said. “With its young population and potential for growth, we believe in Türkiye’s future”.
“We are very excited by this opportunity to build a stronger strategic platform to serve the Turkish market. We look forward to welcoming our new colleagues in due course”, Petrol Ofisi CEO Mehmet Abbasoğlu said.
Biofuel Barge Delivery to Singapore
Meanwhile, Vitol announced it was delivering specialized bunker barges to Singapore in 2024. The Geneva-based company will be offering a range of biofuel blends, including B24, B30 and B100, to customers through its wholly-owned subsidiaries V-Bunkers and Vitol Bunkers.
According to a separate news release from Vitol, all vessels delivering bunker fuel in Singapore are oil tankers, which are permitted to only supply fuel blended with biofuel up to 25 percent concentration. International Maritime Organization (IMO) regulations require higher concentrations of biofuel to be transported in IMO Type 2 chemical tankers.
The first IMO-Type 2 barge ordered by V-Bunkers will be delivered in January, “followed by several more throughout 2024”, Vitol said. The vessels can also be upgraded to supply methanol if there is a demand, the company said, adding that “there have been a number of specialist dual-fuel methanol powered vessels on order for delivery starting from next year”. Vitol expects demand for biofuel to grow significantly in the coming years as the shipping industry looks for ways to curb emissions.
In Singapore, volumes of B24 biofuel have increased,with sales of more than 50,000 tons in August, according to the release, citing Maritime and Port Authority of Singapore (MPA) data, with year-to-date sales more than doubling those in 2022. Vitol expects the trend to continue into next year.
“The delivery of specialist barges is an exciting development for Vitol and its sustainability offerings in Asia”, Vitol Asia Head Mike Muller said. “As the shipping industry steps up its pursuit of decarbonization solutions, barges that can deliver bunker fuel with a much higher concentration of biofuels represents a material step in the right direction”.
Dutch multinational company trades 7.4 million barrels per day of crude oil and products, and charters around 6,000 sea voyages every year. Vitol’s clients include national oil companies, multinationals, industrial companies and utilities. Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally, including 17 million cubic meters of storage globally, approximately 500,000 barrels per day of refining capacity, over 7,000 service stations and a growing portfolio of transitional and renewable energy assets.