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Aygaz, an Istanbul-based fuel company, announced on Thursday that it has signed a shipbuilding agreement worth $119 million with South Korean shipyard HD Hyundai Samho for the construction of a dual-fuel Very Large Gas Carrier (VLGC).
The vessel, designed for LPG trade and transportation, is expected to be delivered in the second quarter of 2028, the company stated in a public filing.
The VLGC will feature a dual-fuel system that allows operations using both conventional fuel and cleaner alternatives, aligning with broader decarbonization trends in global maritime transport.
The company stated that the cost represents 12.5% of the company’s market value, 6.7% of its total assets, and approximately 49% of its net tangible fixed assets, based on current exchange rates.
While the letter of intent was signed with the shipbuilder on Dec. 12, 2025, Aygaz delayed its public disclosure to preserve commercial leverage during negotiations. The company noted that the announcement was made only after a final agreement was reached, lifting the conditions that had previously justified confidentiality.
Founded in 1961 under Türkiye’s largest conglomerate, Koc Holding, Aygaz is one of the country’s largest fuel distribution companies and specializes in the trade and transportation of liquefied petroleum gas (LPG).
The company holds the largest LPG storage capacity in Türkiye at 170,000 cubic meters and operates its own fleet of three vessels, according to information obtained from its website.
The company reported revenues of ₺64.76 billion ($1.49 billion) in the first nine months of 2025. Total LPG sales reached 1.777 million tons over the same period, including 661,000 tons from overseas markets, generating $391 million in international revenue.
Aygaz shares listed on Borsa Istanbul were up 0.4% as of 12:30 p.m. GMT on Thursday.
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