Energy

The Company was established by Omer Mustafaoglu and Savas Yazici in the year 2003 in order to sell gasoil at the Turkish Seas.

The fuel oil products prices are extremely high in Turkey because of the high consumption tax on. This situation caused the sea market very attractive for the illegal transactions until 2004.  In the year 2003 the government decided to avoid illegal market at the sea and a new regulation was prepared consequently high consumption tax was off.

Thus a particular gas oil market at the sea was born in Turkey. Annual consumption is approximately 250,000 m³ and the total return is about € 250 millions. 40% of the consumption is made by governmental organizations and the rest 60% by private sector. One of the important clientele in the market is the fishing ships with the 70,000m³ of consumption which is 30% of the total market. The market grows 10 - 15% each year.

Founder partners of the Company were aware of this change previously. The Company had been established and was ready for operation when the market was born.

The company is the exclusive distributor of Opet Petroleum Ltd at the seas which is the third largest distribution company in Turkey. www.opet.com.tr

Armarin is leading the gas oil market with a 25% of share and € 35 million of annual sales in private sector. The Company especially dominates the fishing market with the 40% share. It is estimated that the Company's business volume will be increased 10% each year.