Central Europe's largest oil company, OMV, has increased its stake in Turkey's Petrol Ofisi to 95.75%.
The acquisition is by way of a €1bn ($1.4bn) deal with Dogan Holdings, purchasing its 54.17% stake in Turkey's largest fuel retailer and boosting OMV's 41.58% stake already held in Petrol Ofisi.
Petrol Ofisi has more than 2,600 fuel stations across the country and this is OMVs second attempt at the purchase, the original deal last year being shelved because of an internal dispute between Dogan Media Group and Turkey's tax authorities.
As well as strengthening OMV's presence in the region it has, according to a report from Turkey's Energy Market Regulatory Agency, also taken the total lubes market into majority ownership of five non-Turkish companies. Some 65% of market share is held by OMV, Shell, BP, Total and Lukoil-Alpet.
Although the fuel distribution market is fragmented, the 'big five' also control this market share with 78%, leaving the remaining 46 companies just 22% between them. According to reports, Petrol Ofisi had rationalised its forecourt operations, reducing its number of outlets by some 700 before the sale was concluded.