Agreement Signed Between Petrol Ofisi and Chevron

A long-term agreement covering licensing, production, distribution and marketing in the mineral oil sector was signed between Petrol Ofisi and Chevron Brands International LLC. Through the comprehensive agreement, US-based Chevron has entrusted its mineral oil operations in Turkey to Petrol Ofisi. As part of the cooperation in which joint technology and production preparation work has begun, Petrol Ofisi is starting to distribute and sell Chevron's automotive and industrial oils under the Texaco brand. Upon completion of preparations, production of Texaco-branded mineral oil products by Petrol Ofisi in Turkey is planned to commence in 2021. Petrol Ofisi Chief Executive Officer Selim Şiper emphasized that the agreement also demonstrates Chevron's confidence in Turkey and Petrol Ofisi.

Chevron Mineral Oils President Colleen Cervantes expressed her satisfaction at the beginning of a new era in the cooperation established with Petrol Ofisi 70 years ago.

The agreement between Petrol Ofisi, leader in Turkey's fuel and mineral oils sectors, and Chevron, one of the world's leading oil and mineral oil companies, encompasses a long-term strategic partnership. This cooperation includes comprehensive coverage of licensing, production, distribution and marketing of Chevron's mineral oil products under the Texaco brand. As part of this cooperation, joint technology and production preparation work has been initiated between Petrol Ofisi and Chevron. At the same time, Petrol Ofisi, through its 16,000 widespread sales points across Turkey, is beginning distribution and sales of Chevron's passenger vehicle oils, heavy vehicle oils and industrial products under the Texaco brand. Following completion of preparations, production of Chevron mineral oil products in Turkey is planned to begin in 2021. All produced products will be distributed and marketed by Petrol Ofisi under the Texaco brand. The agreement signed between Chevron and Petrol Ofisi is not the first cooperation between the two brands. Since 2014, Petrol Ofisi has been conducting distribution and marketing of Chevron's marine oils in Turkey. The mutual confidence and satisfaction stemming from this successful cooperation was one of the key factors enabling the implementation of the major long-term agreement between Petrol Ofisi and Chevron.

"The cooperation is also an indication of Chevron's confidence in Petrol Ofisi and Turkey"

Petrol Ofisi Chief Executive Officer Selim Şiper, drawing attention to the company's quality product and service objectives and customer-focused approach, stated: "With this approach, in the mineral oils sector where we are the leader, we offer ideal solutions to Turkey's needs with our 16,000 widely distributed sales points, more than 400 diverse products developed in Petrol Ofisi Technology Center – POTEM and produced in our Derince facility. We are now further enriching these ideal solutions we offer with Chevron products. Our long-term and broad-scope cooperation with Chevron is, in a sense, also a fine indication of Petrol Ofisi's success in mineral oil production, distribution and marketing. Chevron's signature also demonstrates confidence in and belief in Turkey and our country's potential."

"Our agreement marks the beginning of a new era in our cooperation"

Regarding this agreement, Chevron Mineral Oils President Colleen Cervantes said: "The first cooperation between Chevron and Petrol Ofisi dates back 70 years. This agreement marks the beginning of a new and important era. Petrol Ofisi is the leading player in Turkey's fuel and mineral oils sector. The strong synergy between Petrol Ofisi and Chevron will continue to develop this new brand expansion opportunity."