Saudi oil giant Saudi Aramco is in talks with OYAK Group, the country’s largest private pension fund, over a possible partnership involving one of Turkey’s biggest fuel distribution networks, according to journalist Olcay Aydilek.
The discussions are focused on GüzelEnerji, the OYAK-owned company operating the TotalEnergies, M Oil, Valvoline and Türk Petrol brands in Turkey.
Aydilek said OYAK Energy Companies Chairman Uğur Doğan confirmed the negotiations during a phone conversation. “He told me they were in talks with Saudi Aramco for a partnership,” Aydilek wrote on social media. “We will see whether Aramco enters Turkey’s fuel market through GüzelEnerji and whether this partnership affects pump prices.”
GüzelEnerji has operated under the umbrella of OYAK since 2020, when OYAK acquired TOTAL Oil Turkey and M Oil from Demirören Holding. Oyak is the pension fund for the armed forces and has investments in many sectors including mining, automotives and energy.
GüzelEnerji currently operates more than 1,000 fuel stations across Turkey. It ranks fourth in the country in diesel and gasoline sales, according to March 2026 data from Turkey’s Energy Market Regulatory Authority.
GüzelEnerji also owns fuel and LPG storage facilities in several Turkish cities, including Gebze, Aliağa, Tekirdağ, Ankara and Samsun. It has a combined storage capacity of 550,000 cubic meters. The company additionally operates a lubricants factory in İzmir.
The talks came after Turkish President Recep Tayyip Erdoğan’s visit to Riyadh in February. During the visit, Turkey and Saudi Arabia signed a series of trade agreements. Turkey later approved legal changes granting certain investment incentives to Saudi companies operating in the country.
