Full, Doğan Energy map out deal details

ISTANBUL - Reuters

Full chose to partner with Doğan since it is a Turkish company which is very liquid, says Timuçin Yalı. Payment details will be discussed later, he says. Hürriyet photo

Full and Doğan Energy are currently working out the details of a model for the partnership they will form, causing negotiations to drag out until Sept. 30, said Timuçin Yalı, a Full board member, in a press conference.

Full, a gasoline retailer, had announced to the Istanbul Stock Exchange (İMKB) that it would be forming a 40-60 partnership with Doğan Energy, a subsidiary of Doğan Holding.

Yalı said the details of the partnership needed ironing out since each gas station under Full’s umbrella is structured under a different company.

According to Turkish regulations, gasoline retailers cannot own more than 15 percent of the gas stations they distribute gasoline to.

Yalı said many companies had approached Full to form a 70 or 80 percent partnership or to acquire the company, but Full chose to sign an exclusivity agreement with Doğan Energy since the company was both Turkish and very liquid.

“Until today we have been discussing how the model will be as opposed to the payment details. We left the payment details until the end,” explained Yalı.

500 gas stations by 2015
Yalı said Full planned to operate more than 500 gas stations by 2015, capturing 10 percent of the market and being among the top four gasoline retailers.

Full operates under the umbrella of Arista Holding. Arista is active in the water, food, cigarette, technology, construction, energy and tourism sectors.

“By 2014 our total turnover is expected to be $5 billion, and we might then think of going public,” added Yalı.