Turkuaz Petrol, an affiliate of Zülfikarlar Holding, purchased 100% of the shares of Türkiye Petrolleri Petrol Dağıtım A.Ş. The greatest privatization tender of 2016 was concluded at the signature ceremony with the participation of Finance Minister, Naci Ağbal.
Finance Minister Naci Ağbal, President of the Privatisation Authority Ahmet Aksu, Chairman of the Board of Zülfikarlar Holding İsfendiyar Zülfikari and General Manager of Turkuaz Petrol Çağdaş Demirağ attended the signature ceremony.
The ceremony finalized the acquisition of Türkiye Petrolleri Petrol Dağıtım A.Ş. by Turkuaz Petrol with more than 400 gas stations, 7 fuel storage facilities, 333 cubic meters of fuel storage capacity and 2 LPG filling stations.
Chairman of the Board of Zülfikarlar Holding İsfendiyar Zülfikari stated that Zülfikarlar Holding is immensely proud and happy to finalize the acquisition process of Türkiye Petrolleri Petrol Dağıtım A.Ş.
Zülfikari remarked that the Holding has been contributing to the Turkish economy for 75 years and that their commercial life, which began by trading chemicals, now continues with growing investments in finance, fuel distribution and renewable energy. He added:
"Since our establishment, we have been working with the objective of “being the best” in all the sectors that we operate. The acquisition of Türkiye Petrolleri Petrol Dağıtım A.Ş. in this respect is a very important milestone for our Holding. Turkuaz Petrol, an affiliate of Zülfikarlar Holding and one of the well-established companies of the distribution sector, consolidated its 20 years of experience with this acquisition. After this acquisition, we will keep marching towards the goal of being the leading brand of the sector.”
Zülfikari emphasized the significance of this privatization in creating further value for the overall Turkish economy and said, "With the privatization of Türkiye Petrolleri, we are very happy to generate a significant resource for the national economy and to support economic stability. We will keep creating value for our country and economy. I wholeheartedly believe that we, the Fuel Distribution Group, are going to write many success stories in the future; I wish this acquisition is going to benefit both our country and our company greatly.”
Finance Minister Naci Ağbal congratulated Zülfikarlar Holding, the highest bidder in the privatization tender and remarked:
"These signatures culminate the privatization process of Türkiye Petrolleri Petrol Dağıtım A.Ş. that has been going on for two years. This privatization also pushes the state entirely out of the fuel distribution sector. Henceforth, the sector will be run 100% by the private sector. We believe that the state has to cease its activities in certain sectors entirely, not only to generate more revenues but also to enhance free market economy and to encourage fair competition. With these aims in mind, we completed successful privatization projects particularly in the energy sector. I believe that the privatization of Türkiye Petrolleri Petrol Dağıtım A.Ş. is going to bring significant value to fuel distribution sector and the experience that the private sector already has will improve the competitiveness and the quality of service that they offer. I hereby would like to congratulate the Board of Zülfikarlar Holding and Turkuaz Petrol again."
President of the Privatisation Authority Ahmet Aksu, during his elaborations, said: "We are happy to have successfully completed the privatization process of Türkiye Petrolleri Petrol Dağıtım A.Ş. This privatization does not only generate significant revenue for the Turkish economy, it also marks an important step in terms of making a reputable Turkish brand even stronger. I wish this acquisition is going to benefit our country at large"