News
MABANAFT expands to the Mediterranean Sea MABANAFT establishes MABANAFT ENERGY in Istanbul, Turkey as joint venture partnership with ENERGY Petrol
06.09.2005 - Hamburg:
As part of its international expansion strategy, Mabanaft GmbH & Co. KG, Hamburg, has established a joint venture with Enerji Petrol Denizcilik Ticaret Ve Sanayi A.S., Istanbul. Both partners hold 50 % in the new company.
The company will operate under the name of Mabanaft Enerji Ticaret Ve Sanayi A.S. and is based in Istanbul, Turkey. MABANAFT ENERGY will focus on the wholesale of middle distillates in the Istanbul area. The managing directors of the new company are Mustafa Muhtaroglu (Energy Petrol) and Gürcan Sambol (Mabanaft).
The joint venture builds on the existing long business relationship between Mabanaft and Energy Petrol. Since the foundation of Energy Petrol in 1997, Mabanaft has been supplying bunker fuel to the Turkish trading partner. Now both partners can benefit from their respective strengths, whereas Energy Petrol has a good market overview in the region and Mabanaft will contribute its international trading experience to the joint venture.
By establishing the new subsidiary, Mabanaft adds an attractive location to its portfolio. The greater region of Istanbul with 16 million inhabitants, situated between the Black and the Mediterranean Sea, is characterized by strong economic growth. With this new location, Mabanaft will be able to expand in the Mediterranean region and to develop further business opportunities in Turkey and with the neighboring countries.
ENERGY PETROL was established in 1997 in Turkey by Mustafa Muhtaroglu as a bunker supplier entity. The company is not only active in the bunker oil but also in the gas-oil business. Having a market share of 15 percent, Energy Petrol is presently one of the leading bunker suppliers in Turkey. In order to assure a high quality standard, the company is operating 8 bunker barges and owns thus the second largest bunker barge fleet in Turkey.
MABANAFT GmbH & Co. KG is the trading subsidiary of Marquard & Bahls AG, the largest privately-owned German oil company. As leading independent importer and wholesaler of petroleum products in northwestern Europe, Mabanaft is active in the international cargo and barge trading and is continuously providing market liquidity. In addition to its European activities, Mabanaft is doing business on the East Coast of the United States. In 2004, Mabanaft has reached a total sales volume of 15.6 million tons.
For further information please contact:
Erik Rietkerk
Managing Director
Mabanaft GmbH & Co. KG
Tel. +49 (0)40-370 04 – 350
http://www.mabanaft.com
Mustafa Muhtaroglu
Managing Director
Enerji Petrol Denizcilik Ticaret Ve Sanayi A.S.
Tel. +90-216-49252-43
www.energypetrol.com