TotalFinaElf has announced the acquisition of full ownership of Total Oil Turkiye, a petroleum product marketing joint-venture in Turkey. The Group has purchased the 49% interest held by Turkish conglomerate Colakoglu. Total Oil Turkiye generated sales of €710 million in 2000 and has 225 employees.

Total Oil Turkiye owns a network of more than 330 service stations in Turkey, for a market share of 6%. Its supply chain consists of three depots near Istanbul, Izmit and Izmir.

The transaction is in line with TotalFinaElf’s strategy of developing its refining and marketing operations in the Mediterranean market.

TotalFinaElf also has a 68% interest in Selyak, a motor fuel marketing company set up in 1990 in partnership with Turkey’s Oyak, which holds the remaining 32% stake. Selyak owns a network of 156 retail outlets, for a 4% share in the gasoil and lubricants market. Its supply chain comprises a depot in Samsun and a 25% interest in a second depot near Istanbul. In addition, TotalFinaElf is active in the liquefied petroleum gas market through wholly-owned subsidiary Tüpgaz, which has a market share of over 6%.

The acquisition of Total Oil Turkiye will facilitate the exploitation of synergies between the different business units of TotalFinaElf in Turkey.