Little-Known Turkish Firm Builds Gas Station Bet As Majors Quit

A little-known Turkish holding company completed its second acquisition of a fuel retailer within months, extending a push by independent firms into a tightly regulated market that oil majors BP Plc and TotalEnergies SE have left.

Istanbul-based Zeren Group, which was all but unknown to the public until this year, received antitrust approval to buy Turkey’s TP Petrol Dagitim AS on Tuesday, following its acquisition of a smaller retailer, Alpet, in February.

The deals, whose prices weren’t disclosed, give Zeren a network of 1,120 gas stations in the country. That’s equivalent to around 6.5% of the national fuel market, which ...