Aramco Competes Against Socar for OMV's Turkish Unit

Saudi Arabian Oil Co. and Azerbaijan’s State Oil Co. are competing to buy OMV AG’s fuel-retailing business in Turkey in a deal that may value the asset between $1.2 billion to $1.6 billion, people with knowledge of the matter said.

Aramco, as the Saudi state company is known, and Socar have submitted binding bids for Istanbul-based OMV Petrol Ofisi AS, Turkey’s largest seller of petroleum products, said the people, who asked not to be identified because the deliberations are confidential. The two companies were shortlisted after other bidders including Vitol SA dropped out, the people said.