News & Media releases

Turcas EGM approves agreement with Shell

29/06/2006

As previously announced, Shell Company Turkey (Shell) and Turcas Petrol A.S. (Turcas) have signed an agreement dealing with the ownership, operation and management of a joint venture which they are proposing to establish. The joint venture will be engaged in retail, commercial fuels and lubricants marketing and distribution activities in Turkey.

Following the formal approval from the Capital Market Board, obtained on 13 June 2006, Turcas announced today that it has now obtained the approval from the Extraordinary General Meeting of their shareholders.

Mr. Erdal Aksoy, Chairman of Turcas said: “This is the final step towards the full completion of the deal. Within the competitive environment of the oil market in Turkey, we are very confident that this deal will combine the strengths of both companies”.

Mr. George Spanoudis, Managing Director of the new Joint Venture between Shell and Turcas mentioned: “Turkey is a key strategic market for Shell, where our company has a long established business, which we are keen to grow. I am convinced that the joint venture, which officially starts its operations on the 1st of July”, will give us a considerable competitive advantage to respond successfully to the challenges of the future”.

Mrs. Canan Ediboglu, Chairperson of Shell Company of Turkey mentioned: ”The joint venture will offer customers the combined benefits of Shell’s global organisation, with a strong local presence, and will ensure a sustainable platform for future growth for both Shell and Turcas.”

“The joint venture initiative is fully consistent with Shell Group’s strategy of investing in downstream oil industry in key growth markets and we believe it will greatly contribute to the further development of the oil market in our country, and offer customers the combined benefits of both companies.”