Austrian energy group OMV announced Friday that it is seeking a buyer for Petrol Ofisi, Turkey's biggest petrol station operator.
The planned sale "is aimed at optimizing OMV’s integrated portfolio in a challenging market environment," said the Vienna-based company that has faced headwinds from low oil prices.
OMV had bought Petrol Ofisi in 2010 for 1 billion euros (1.39 billion dollars), in a strategic deal that was supposed to strengthen OMV's position in the wider Caspian and Middle Eastern region.
Petrol Ofisi is also a leading oil wholesaler and owns Turkey's largest fuel storage and logistics business.
Lower oil prices have forced Austrian energy group OMV to slash the value of its oil assets, resulting in a net loss of 472 million euros (515 million dollars) in the third quarter of last year.
OMV is expected to announce its annual results and a revamped business strategy on Thursday.