Lukoil in Talks to Run Full’s Turkish Gas Stations for 10 Years

OAO Lukoil of Russia is in exclusive talks with Full, a Turkish discount fuel retailer, to operate its filling stations for 10 years, according to Full Chief Executive Officer Timucin Tali.

The talks may result in an agreement by March, Tali said today in a telephone interview. Full’s stations are closed this month and next for Lukoil inspections, he said. The Russian company declined to comment on the talks.

Global energy companies are seeking expansion in Turkey where economic growth is forecast at 3.5 percent this year and about twice the pace of the most advanced economies to 2017. Lukoil operates in the country through its Eurasia Petrol unit, which has more than 600 gasoline stations across the country. The nation is increasingly becoming an “energy hub” connecting Europe with Asia, according to the company’s website.

Lukoil is discussing financial details of the deal with Full, which is owned by AR Sirketler Grubu’s Arista Holding, Tali said. Under the agreement, Lukoil Eurasia Petrol would rebrand Full’s 54 stations under its own name, he said.

Dogan Sirketler Grubu Holding AS (DOHOL), a Turkish group with interests in energy and media, last month ended talks with Arista Holding to acquire 60 percent of Full for $109 million.

To contact the reporters on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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