Russian fuel distribution company Lukoil Eurasia Petrol AŞ is restarting its talks to buy Akpet, a leading player in the Turkish fuel distribution market.

Lukoil canceled an acquisition agreement with Akpet several months ago, citing obstacles stemming from the global financial crisis.

According to sources close to the fuel market, the Russian company has invited Akpet to restart talks, this time with an offer of payment in installments. Speaking on condition of anonymity, these sources said the talks will most likely begin today.

Akpet, which belongs to the Aytemiz Group, is in the fourth position in the fuel distribution market, with 811 gas stations across the country. Once the parties reach an agreement to finalize the sale, the share of foreign owners in the Turkish fuel distribution market will rise above 50 percent.

Lukoil reached a preliminary agreement with Aytemiz to purchase Akpet in July. Both the Turkish Competition Board and the Energy Market Regulatory Agency (EPDK) had approved the agreement, removing all legal barriers before the takeover, which had been scheduled to take place by Oct. 31 at the latest. However, because of liquidity problems in the global markets, the Russian company could not secure the necessary funds from banks in time, so it had to back out from the deal. Lukoil had announced before their decision to give up the acquisition that there would be no problems since they had already found $250 million, almost half of the estimated price of the sale.

Lukoil had avoided disclosing the value agreed upon for the Akpet sale. Lukoil President Vagit Alekperov, on the other hand, had hinted in a speech after the announcement of the deal in July that the amount they agreed to pay for Akpet was over $500 million.

Source: Today's Zaman With Wired - Ankara