September 2005

Mabanaft Expands to the Mediterranean Sea: Founding of Mabanaft Energy in Istanbul

As part of its international expansion strategy, Mabanaft establishes a joint venture with Enerji Petrol Denizcilik Ticaret Ve Sanayi A.S. The partners each hold 50% in the new company. The new company operates under the name of Mabanaft Enerji Ticaret Ve Sanayi A.S. and is based in Istanbul, Turkey.

Energy Petrol is active not only in the bunker oil but also in the gasoil business. With a market share of 15%, Energy Petrol is at the time one of the leading bunker suppliers in Turkey. To assure a high quality standard, the company operates eight bunker barges, the second-largest bunker barge fleet in Turkey.

Accordingly, Mabanaft Energy focuses on the wholesale of middle distillates in the Istanbul area. The joint venture builds on the existing long business relationship between the two parties: Mabanaft had been supplying bunker fuel to Energy Petrol since the Turkish trading partner was founded in 1997. Now both partners can benefit from their respective strengths – Energy Petrol has a good overview of the region’s market, while Mabanaft contributes its international trading experience to the joint venture.

By establishing the new subsidiary, Mabanaft adds an attractive location to its portfolio. The greater Istanbul region with its 16 million inhabitants is characterized by strong economic growth at the time.