20th September 2016
At the signing in Ankara, BB Energy's Chief Executive Officer, Mr Mohamed Bassatne, has announced the acquisition of Citypet being an important part of the company's global strategy to enter strategic markets in order to increase its' trading volume.
"Turkey is a growing market with over 30 million tons consumption of oil products and a key logistics hub. The company has been trading with Turkey for over 40 years and this investment in the product distribution sector is a natural progression'.
Our new partnership will reinforce BBE's position as a major player in the Eastern Mediterranean in the oil market and will expand our retail brand 'Hypco' in the region.
Citypet also complements our existing asphalt distribution business which is being run by our affiliated company, '3B', and therefore BB Energy will be able to offer a full array of products into the market. Our desire to enter the retail market in Turkey lies mainly with reaching directly the local consumers, and our commitment to give the Turkish customers the quality of both product and service they deserve".
BB Energy is among the world's leading independent energy trading companies in the world today. With operation hubs globally in Dubai, London, Singapore, Kuala Lumpur, Houston, Beirut, Moscow and Athens - this is the company's second major investment in the Turkish market following the acquisition of the Maris Petrokimya Pazarlama Ve Ticaret Ltd Sirketi storage units in Mersin in 2011.
CityPet established by Lokal Group in 2014 with 31 stations in operation by 2015 and now under the Hypco brand, aims to reach 45 stations by the end of the year. Lokal Group CEO Murat Yıldırım said, "We were not thinking about a new partner. We came to the table with BB Energy and finalized our talks. We became partners by selling 51 percent of our company's stake and with this new partnership, we aims to increase our sales network over the next few years and benefit from BBEnergy’s global reach."
Hypco - Hydrocarbon Products Company - was established in 1965 and today is among the leading modern service-orientated distribution companies in Lebanon with over 132 stations.
Hypco CEO, Bashir Bassatne, said "Our moto is 'a successful group is one of many hands but one mind', we aim to add value to our customer experience and therefore create brand loyalty whilst maintaining our commitment to the environment towards the communities we service and for further generations".
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