Türkiye’s Oyak plans foreign energy partnership, more IPOs ahead

Turkish military pension fund Oyak is in talks with one of the world’s largest energy companies over a strategic partnership in fuel distributor Güzel Enerji, with the outcome expected to become clear by early next year, its top executive said Tuesday.

Oyak General Manager Murat Yalçıntaş did not name the potential partner, but the fund has ⁠previously said it was holding talks with Saudi Arabia’s state oil company Saudi Aramco over a possible stake in Türkiye’s fourth-largest fuel retailer Güzel Enerji.

Oyak’s head of energy business Uğur Doğan said in May that talks were under way for Aramco to become a shareholder in ⁠Güzel Enerji.

Yalçıntaş said Oyak wants to expand its energy activities beyond fuel distribution into production and refining as part of its 2030 strategy to become ⁠an international player in core sectors.

He said the partnership under discussion would be an important step in ⁠ Oyak’s push to build a more multinational structure.

“We have strategic partnership talks with one of the world’s largest energy giants. We think the picture will become clear by the end of this year or early next year,” Yalçıntaş told reporters in Istanbul.

The 2030 strategy was announced in late February when Yalçıntaş said the company had identified infrastructure, energy, logistics, high technology and mining as priority sectors.

Under the strategy, Oyak aims to strengthen its balance sheet and enhance cash generation and capital efficiency while nearly doubling its asset value to $60 billion by the end of the decade.

On a planned refinery investment, Yalçıntaş said Oyak ⁠was considering both greenfield projects and opportunities involving existing refineries, either in Türkiye or abroad.

Oyak operates more than 189 companies across 30 countries in sectors including mining and metallurgy, cement, automotive, energy, chemicals, food, finance and construction.

The group’s consolidated revenue reached TL 418 billion ($8.56 billion) in the first half of 2026, while consolidated net profit rose 66% year-over-year to TL 83 billion, Yalçıntaş said.

Consolidated assets increased 31% from the same period of 2025 to TL 1.85 trillion.

In the mining and metals sector, liquid steel production reached nearly 4.67 million tons in the first half, up 19% year-over-year, while finished product output rose 19% and sales volumes increased 15%.

Oyak’s automotive operations also maintained a strong position, with Renault’s Turkish joint venture Mais selling 100,256 vehicles in the first eight months of the year for a 13.9% market share, Yalçıntaş said.

Tekfen investment to support portfolio expansion

Yalçıntaş said Oyak’s acquisition of a 42.8% stake in Tekfen Holding was one of its most important strategic moves in 2026.

He said Tekfen’s international experience in engineering, procurement and construction would complement Oyak’s existing industrial ecosystem and support its 2030 strategy.

The investment would also strengthen Oyak’s agricultural industrial operations through Tekfen’s fertilizer, crop protection, seeds and agricultural production businesses, he said.

Energy and agriculture remain strategic priorities

In energy, Oyak has completed the acquisition of the remaining shares in ISKEN and Arkas Deniz Taşımacılığı, giving it full ownership of both companies, Yalçıntaş said.

ISKEN accounted for about 1.7% of Türkiye’s total electricity generation between January and August, while Güzel Enerji’s consolidated revenue reached TL 112.3 billion in the first half.

Yalçıntaş said Oyak was also continuing investments in steel, including planned investments at its electrical steel facility in Romania.

He described agriculture and food as strategic sectors for Türkiye, citing Oyak’s Hektaş and Toros businesses as key components of its strategy to strengthen agricultural production and input supply.

More Oyak companies could go public

Yalçıntaş said more Oyak companies could be listed on the Borsa Istanbul Stock Exchange in the coming years.

He said the group had previously indicated that investors would see more publicly traded Oyak companies and had followed through on that commitment within six months, adding that preparations for further listings were continuing.

Oyak also plans to expand its infrastructure investments in Türkiye and abroad, including ports and logistics projects. Yalçıntaş said the group was assessing opportunities in Africa, particularly infrastructure projects linked to the production and transportation of the continent’s natural resources.

The group is also continuing to evaluate strategic partnerships in areas where it can create synergies, while considering exits from businesses that do not fit its portfolio strategy.

DAILYSABAH