Aytemiz Akaryakit

History

2023: Purchase of 50% of Tatneft for $160 million

On April 4, 2023, the Turkish holding Dogan announced the approval of an agreement to sell a 50% stake in the fuel corporation Aytemiz Fuel Distribution Inc. (Aytemiz Akaryakit) of the Russian oil company PJSC TATNEFT.

According Sheets to the newspaper "," the transaction amount will be $160 million. The acquisition of Turkish Aytemiz Akaryakit is part of TATNEFT's strategy to strengthen the market position at the expense of. M&A Earlier, the company has already acquired a number of assets Russia in and abroad: they included the Birinchi Rubber Plant and Russian business. Nokian Tyres Market participants believe that TATNEFT will continue to develop the program. M&A

TATNEFT acquired 50% of Aytemiz

Ronald Smith, a senior analyst at BCS World of Investments, suggests that Tatneft, through the purchase of a Turkish company, wants to expand its own distribution channels in order to reduce logistics problems due to the introduction of a ceiling on prices for Russian oil products and an embargo on their supply to the European Union, Vedomosti writes.

The presence of its own structure in Turkey will allow TATNEFT to increase the level of integration of its business. Aytemiz Akaryakit's assets include more than 570 gas stations in 77 Turkish provinces. The gas station network has 10 bases, refueling, storage terminals with a capacity of 250,000 cubic meters throughout the country. In February 2023, it became known that TATNEFT is also exploring the possibility of creating a representative office in Turkey. And even earlier - in June 2021 - the Russian company signed a memorandum of cooperation in the petrochemical sector with the Turkish Ministry of Industry and Technology. It is said that the current geopolitical situation and European sanctions force TATNEFT to actively look for new markets for its products.^[1]

Notes