BDY Group, a Turkish liquified petroleum gas (LPG) supplier, has signed a memorandum of understanding (MOU) with BB Energy, an independent energy trading company, to explore a strategic partnership and possible equity transaction, reported Anadolu Agency.
This move is expected to enhance collaboration within Türkiye’s energy sector, with BDY potentially acquiring an equity interest in Hypco Petrolculuk, a downstream company.
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Under the proposed deal, BB Energy DownStream (BBED), the downstream arm of BB Energy, will sell 49% of its shares in Hypco Petrolculuk to BDY.
Through the alliance, the companies aim to support their and Hypco Petrolculuk’s growth, while also contributing to Türkiye’s energy sector and economic growth.
The collaboration between BDY and BB Energy will encompass logistics, trade management, and structuring international deals.
This partnership is anticipated to enhance the competitive environment in the sector by expanding Hypco’s network of service stations and establishing ‘HYPCO GAS,’ a new entity for the importation and distribution of LPG into Türkiye.
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By GlobalDataBB Energy Downstream CEO Bashir Bassatne said: “Through this collaboration, we aim to expand our reach to the Turkish consumer, support the growth of Hypco and leverage each other’s expertise to explore new opportunities in the energy market.”
Hypco Petrolculuk CEO Hatice Tulum said: “Under this partnership, the Hypco brand will grow even stronger as a fuel and LPG distribution company by combining BDY’s LPG experience with BB Energy’s multi-decade track record of successful retail experience, extensive international trading expertise and strong commitment to environmental responsibility and innovation.”
The MOU is subject to further closing conditions and agreements, which include satisfactory due diligence outcomes.
