Opium output down in Afghanistan as synthetic drug trade increases: UN
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Turkish police have arrested directors of local fuel retailer Turkiye Petrolleri (TP Petrol) Dagitim over a complaint filed by STAR Refinery, according to local media reports.
Turkey has two oil refiners. Tupras (TUPRS) has an annual production capacity of 30mn tonnes while the second largest refiner, STAR Refinery, launched in 2018 by SOCAR Turkey (a unit of Azerbaijan’s state-controlled SOCAR), has a capacity of 13mn tonnes/year.
18,476 tonnes of fuel "missing"
STAR filed its complaint at the Antalya and Hatay Dortyol chief public prosecutor’s offices, alleging discrepancies between data provided to Turkey’s energy watchdog EPDK by STAR and TP as regards the inventory figures at TP’s Dortyol and Antalya facilities for the period between October 22 and October 24.
STAR has claimed TP was selling STAR products stored at TP facilities without notifying STAR.
In relation to STAR's claims, police said they detected that around 18,476 tonnes of fuel, worth more than Turkish lira (TRY) 1bn ($24mn) at market prices, were missing at the two facilities in question.
Boss abroad
Consequently, three TP executives, including the general manager, were arrested. Police officers, meanwhile, discovered that company boss Isfendiyar Zulfikari was abroad. Media reports suggested that the status of Zulfikari is "fugitive".
Stations to head to other retailers
On November 4, the EPDK decided that fuel station operators that work under TP’s franchise would be permitted to strike deals with other fuel retailers to avoid product shortages. The parallel contracts will be in effect by April 1, 2026.
Sixth largest retailer in Turkey
TP is the sixth largest fuel retailer in Turkey. It boasts a market share of 4.3%. The company operates 592 fuel stations in addition to 397 LPG autogas stations across the country.
On October 30, government-run Turkish Petroleum Corporation (TPAO, or Turkiye Petrolleri Anonim Ortakligi in Turkish) said that TP was a separate enterprise and that it has no affiliation with it.
In 2016, Istanbul-based Zulfikarlar Holding acquired TP, launched in 1963 by TPAO, in a privatisation deal for a consideration of TRY 490mn (€146mn).
Later, the conglomerate merged its fuel retailing unit Turkuaz Petrol and TP under the roof of TP.
In July 2024, Altinbas Petrol (Alpet), a unit of Zeren Group Yatirim Holding, signed an agreement to acquire a 100% stake in TP for an undisclosed sum.
In January this year, Zeren said that it had cancelled the planned acquisition of TP.
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