Newsletters
Saudi Arabia's state-run oil giant Saudi Aramco has entered talks with Turkish conglomerate OYAK over possible partnerships, cooperation, and commercial projects in the energy sector. The discussions include a potential stake acquisition in the group’s fuel distribution business, which handles French TotalEnergies-branded fuel operations in Türkiye.
OYAK Energy Companies Chairman Ugur Dogan confirmed the discussions, signaling that a partnership structure involving GuzelEnerji, OYAK’s fuel distribution subsidiary, could be on the table.
He added, however, that a full sale or transfer of the company is not being considered, according to local media outlet Anka News Agency.
OYAK moved into the fuel distribution sector in 2020 after acquiring Total’s Türkiye operations and M Oil, along with their affiliated autogas station networks, which were later brought together under GuzelEnerji.
The company operates six fuel and LPG storage facilities across northwestern, western, central and northern Türkiye, including sites in the Marmara, Aegean, Central Anatolia and Black Sea regions, with a combined storage capacity of 550,000 cubic meters. It also runs a lubricants production plant in western Izmir.
GuzelEnerji operates more than 1,000 fuel stations across Türkiye, ranking fourth among the country’s fuel distributors with an 8% market share, according to the latest report from the Energy Market Regulatory Authority (EPDK).
Saudi Aramco has previously explored multiple entry points into Türkiye’s downstream fuel market, particularly in fuel retail and distribution.
In 2017, the Saudi oil giant emerged as one of the leading bidders for Petrol Ofisi, then Türkiye’s largest fuel station operator, during Austrian energy company OMV’s sale process. The company was ultimately acquired by Dutch energy trading firm Vitol later that year.
The latest talks also come as Türkiye and Saudi Arabia step up cooperation in the energy sector, especially in renewables. The two countries recently launched a joint solar investment program worth up to $5 billion in the Mediterranean Taseli region of Karaman and the central Anatolian province of Sivas.
Under the first phase, Saudi Arabia’s ACWA Power agreed to build two solar power plants with a combined installed capacity of 2,000 megawatts through a $2 billion investment. The broader program is expected to expand to 5,000 megawatts in later stages, potentially pushing the total investment value to $5 billion.
Set as preferred source
Set as preferred source
1 min read
1 min read
