Why did BP, which has been operating in Turkey for more than a century, decide to withdraw?

for a century Türkiyeserving in BPmade a sudden decision to withdraw. So, why did such a large energy company decide to leave the Turkish market?

Exchange Rate Fluctuations Began to Challenge BP in Turkey

There are several main reasons why the company made this decision. The most prominent of these are probably The exchange rate is constantly changing and the shrinkage in the profit margin has reached serious levels. The main reasons are listed as follows.

1. Profitability Problems and Intense Competition: The fuel industry in Turkey has become an intensely competitive field in recent years, where many large companies, both domestic and foreign, are struggling. BP realized that increasing competition was putting pressure on profitability and that it was becoming increasingly costly to maintain its operations. Therefore, unable to achieve the expected profit rates, BP chose to turn to more profitable markets.

2. Exchange Rate Fluctuations and Economic Difficulties: Exchange rate fluctuations in Turkey pose a serious risk for foreign investors. Considering the risks posed by this uncertain environment, BP began to have difficulty managing costs. This stood out as an important factor in the company’s decision to leave Turkey.

3. Strategic Transformation Towards Renewable Energy: BP, worldwide reducing fossil fuels ve investing in renewable energy It entered a strategic change process in line with its goal. In this context, the company is planned to limit its operations in the field of oil and natural gas, as part of its strategy to move towards more sustainable energy sources. BP aims to shift its resources to renewable energy projects by leaving markets with low profitability expectations, such as Türkiye.

4. BP Transferred to Petrol Ofisi: BP continues its fuel distribution operations in Turkey Petrol OfisiHe started the withdrawal process by transferring it to . This decision is a reflection of BP’s strategy to use its resources more efficiently in line with its commercial objectives.

Where Will BP’s Next Investment Be?

BP’s strategic transformation is not limited to withdrawing from the Turkish market. The company plans to create a more sustainable business model by moving away from fossil fuels and accelerating investment in renewable energy.

This worldwide transformation reflects BP’s desire to direct its resources to areas that are more profitable and have long-term growth potential.