Saudi Aramco in Talks for 49% of Turkish Fuel Distributor GuzelEnerji

Saudi Aramco is discussing a 49% stake in GuzelEnerji, the fuel distribution arm of Turkey's OYAK group, according to fuel sector sources cited by the ANKA news agency. The target ranks fourth in its market with 8.54% of diesel sales and 7.47% of gasoline sales.

The world's largest crude oil exporter travelled to Istanbul for the planned investment in Turkey's fuel distribution sector, ANKA reported. Sector sources said the trip took place recently and that talks on the investment are continuing.

Three retail brands sit at the centre of the discussions: TotalEnergies, M Oil and Turk Petrol, all operating under the GuzelEnerji umbrella within OYAK. Sources cited by the agency said Aramco could take 49% of those brands.

Ugur Dogan, chairman of the board of OYAK's energy companies, told ANKA that the group is holding talks with Saudi Aramco on partnership, commercial cooperation and strategic investment opportunities in energy.

Dogan drew a line around the scope. He stressed that a full sale of the company or a transfer of all shares is not on the agenda, while leaving the door open to a partnership at a defined percentage or a partial share transfer.

The physical footprint on offer is substantial by downstream standards. GuzelEnerji holds fuel and liquefied petroleum gas (LPG) facilities with a combined capacity of 550,000 cubic metres at Gebze, Aliaga, Tekirdag Marmara Ereglisi, Ankara, Yarimca and Samsun. The company also owns a mineral oils plant at Cigli in Izmir province.

On the retail side, GuzelEnerji serves the market through a network of more than 1,000 service stations, according to data on the company website.

The percentage is not settled. Sector sources said that according to information leaking out of the talks a 49% partnership is on the table, and that the final stake and the outcome of the negotiations will only be clear in the days ahead.

For an upstream exporter, a minority position in a storage-and-station network is a move down the barrel into refined product placement. The assets in question combine bulk terminal capacity across seven locations with a station count above 1,000 and a lubricants plant, which is the standard shape of a fuel marketing business rather than a trading arrangement. That distinguishes the discussion from a supply contract: the brands named, TotalEnergies, M Oil and Turk Petrol, are the customer-facing layer.

Market position frames the value of the fourth-ranked slot. Diesel share at 8.54% runs above gasoline share at 7.47%, the mix typical of a network weighted toward road freight demand rather than passenger fuelling.

The ANKA dispatch was filed from Ankara by Olcay Aydilek.

No agreement has been announced. What has been confirmed publicly is Dogan's statement of ongoing talks and his exclusion of a full sale; everything on the 49% figure rests on sector sources quoted by the agency.