In a series of significant business developments, several international corporations have announced changes to their operations in Turkey, signaling a shift in the investment landscape of the country.
BP Exits Turkish Gas Station Sector, Sells Business to Vitol’s Petrol Ofisi
In a notable move, BP Plc has decided to exit the Turkish gas station sector by selling its operations to Petrol Ofisi, a subsidiary of Vitol. This transaction will expand Petrol Ofisi’s network by 770 stations, making it the owner of over 2,700 sites in Turkey. The acquisition also includes BP’s share in the ATAS Anadolu Tasfiyehanesi oil terminal, though the financial terms remain undisclosed. Regulatory approval is expected by 2024.
This decision by BP is part of a broader trend where several major global companies are reevaluating their presence in Turkey:
- HSBC has announced a reduction in its number of branches across the country, aligning with its global strategy to streamline operations.
- In a significant shift, Koç Ford Lg has canceled a massive 32 billion dollar investment, indicating a reassessment of its investment strategy in the region.
- Mazda has also decided to withdraw from the Turkish market, following a strategic review of its global operations.
- This trend was earlier seen when, two years ago, Honda decided to withdraw from Turkey, marking a significant shift in the automotive industry’s approach to the Turkish market.
- Furthermore, in 2019, Volkswagen abandoned plans to build a factory in Turkey, reflecting changing dynamics and considerations in the automotive sector.
These moves are indicative of a transforming business environment in Turkey, influenced by various economic and geopolitical factors. The departure of BP and the shift in strategies of other global players like HSBC, Koç Ford Lg, Mazda, and Honda highlight the evolving nature of international business engagements in the region.