British oil major BP has agreed to divest its fuel operations in Turkey to oil distribution company Petrol Ofisi, owned by global commodities trader Vitol.

Under the deal terms, BP will sell its stake in BP Turkey Refining and BP Petrolleri to Vitol’s subsidiary Petrol Ofisi.

Financial terms of the deal were undisclosed.

With the acquisition, Petrol Ofisi’s retail network in Turkey is expected to increase by 770 stations to more than 2,700 sites.

BP Turkey Refining owns a 51% stake in the ATAS Anadolu Tasfiyehanesi AS joint venture.

Petrol Ofisi chair and Vitol executive committee member Chris Bake said: “We are delighted to be working towards building a stronger national champion for Türkiye’s energy sector. With its young population and potential for growth, we believe in Türkiye’s future.”

Subject to certain conditions, including regulatory approvals, the transaction is due to be completed in 2024.

Petrol Ofisi CEO Mehmet Abbasoğlu said: “We are very excited by this opportunity to build a stronger strategic platform to serve the Turkish market.”

Currently, Petrol Ofisi owns more than eight fuel terminals, 1,950 stations, 18 airport supply units, one LPG terminal and a fuel storage capacity of one million cubic metres.

Earlier in 2023, Vitol divested its stake in Russia’s Vostok Oil to Dubai-based trader Fossil Trading for an undisclosed amount.

The sale follows sanctions imposed by Western nations on Russia for its invasion of Ukraine.

In 2021, Vitol and its consortium partner Mercantile & Maritime Group acquired a 5% stake in Vostok. Rosneft’s subsidiary RN-Trade owns an 85% stake in Vostok Oil.