Austrian oil and gas group OMV may buy a $1.2 billion (Ôé¼834 million) stake in Turkish fuel retailer Petrol Ofisi, it was announced today.
Dogan Holdings, Petrol OfisiÔÇÖs majority owner, has a 54 per cent stake in the company. Vienna-based OMV, which currently holds a 42 per cent share, is seeking to buy DoganÔÇÖs entire stake.
DoganÔÇÖs shareholding has a current market value of $1.3 billion (Ôé¼900 million).
The news comes as OMV looks to expand in emerging markets as the global demand for fuel continues to grow. In 2004 it bought RomaniaÔÇÖs biggest oil company, SNP Petrom, and in 2006 it paid $1.05 billion (Ôé¼700 million) for a 34 per cent stake in Istanbul-based Petrol Ofisi, purchasing a further eight per cent in four stages over the following three years.
Earlier this month it abandoned its $13.5 billion (Ôé¼9 billion) hostile takeover of Mol, HungaryÔÇÖs largest refiner, after concerns over competition were expressed by the European Union.
Petrol Ofisi currently operates 3,200 filling stations across Turkey and employs 1,100 people.
OMVÔÇÖs net profit for the second quarter of this year came in at Ôé¼144 million, beating analystsÔÇÖ forecasts. It expects its earnings to increase in the second half due to increased production and predicted oil price increases.
 
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