Turkey’s army fund seeks to expand into service station business: report

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OYAK

The Turkish army’s pension fund OYAK filed a deal with the local competition regulator to buy Demirören Holding’s Total Oil Turkey and M Oil operations, the SeeNews website reported, citing local media.

OYAK is also in discussions to take over domestic LPG and bottled gas company Milangaz from Demirören, Daily Sabah reported on Tuesday.

The pension fund announced in November it had launched negotiations with Demirören to acquire the fuel and LPG distribution companies.

Demirören operates approximately 900 gas stations through its Total Oil Turkey and M Oil companies, according to an earlier statement from OYAK.

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