In 2009... - Petrol Ofisi

PETROL OFİSİ
ANNUAL REPORT
2009

Petrol ofisi A.Ş.
ANNUAl rePort ‘09

Way

to go

Table of contents

ANNUAl rePort ‘09
Message from the board and management 6
The world and Turkey in 2009 10
Petrol Ofisi in 2009 20
Retail operations 24
Commercial and Industrial sales 42
Aviation and Marine fuels 46
Lubricant operations 52
Suppy chain management 62
Energy investments 68
Corporate values 72
Brand communications 80
Corporate calendar 88
Board of Directors and senior management 92
Financial and Operational Highlights 99
Corporate Governance Principles Compliance Report 113
Consolidated Financial Statements and Independent Auditors’ Report 127

6
Message from the board
and management

ANNUAl rePort ‘09
As anticipated, 2009 was recorded as one of the most difficult times the global economy
has ever endured. The massive challenges and the economic turbulence that were experienced
around the globe have had negative effects on our country, and there were
difficulties for every sector. The downturn in export markets, and related reductions in
capacity usage in automotive, retail, and manufacturing industries exerted a direct pressure
upon the petroleum products sector. Trends were thus downward, in terms of both
retail and industrial sales. The economic meltdown was yet another proof that there was
no place where one could enjoy the privilege of “staying on the sidelines” and watch
the unfolding events without being affected; in today’s world everything is connected to
each other.
Turkey is expected to rapidly leave behind the aftershocks of the global crisis. Nevertheless,
the pace of this process will largely depend on improvements in the global economy.
Thus, it is fair to assume that 2010 will present serious challenges and that global
events and the ever-intensifying competition across the world and in all sectors will have
major impacts on the national economy and our businesses.
Furthermore, the entire world economy is obviously undergoing a massive change. Balances
are rapidly shifting, and in terms of prosperity levels, capital accumulation and
manufacturing capacity the axis is swinging from west to east, from north to south. Turkey
falls right in the middle of this swing, which creates a major potential for our country.
In order to realize this potential, however, it will be necessary to analyze the post-crisis
competition environment correctly and to develop robust and sustainable growth strategies.
Seizing sizeable shares in the shrinking international markets and decreasing global
investment supply in this post-crisis economy requires a sustainable level of trust and
uninterrupted functioning of the competitive environment. It is therefore of utmost importance
that there is a maximum compliance with the rules of free market economy
and that external market interventions are avoided.
Difficulties inflicted on businesses operating in fuel distribution and lubricants sector, as
well as on consumers were caused not only by the global economic downturn in 2009,
but also from disruptions in the structure of the free market and increasing taxes on
products.
As Petrol Ofisi, we have determined our foremost priorities in 2009 as to minimize the
impact of the crisis and other setbacks on our business, our dealers –who are our business
partners-, employees and all our shareholders, and to continue as planned with our
customer-focused endeavors and investments.
7

8
Despite the upturn in the final quarter of 2009, the Turkish economy shrank throughout
the year for the first time since 2001 and the shrinking rate was 4.7%. Despite these
negative indicators, we, as Petrol Ofisi, had a successful performance and put a hold on
our operational costs, with measures targeting increased productivity and a more effective
control of our cost base. We inevitably saw decreasing sales in line with the general
downturn. Nevertheless, we grew by 1.5 times more than the market in 10 ppm diesel,
a product that has a strategic importance for our business. In addition, we managed our
operational capital efficiently thanks to our special focus on areas of productivity and
cost control.
With this performance, which we achieved by putting all our passion and energy to our
work; we continued to produce value for our shareholders, investors, business partners,
employees and our national economy while fulfilling our responsibilities including creating
employment.
We also exhibited a strong business performance in 2009. We reinforced our position in
the aviation and maritime businesses, where we have very strong lead over the industry,
in addition to gasoline and diesel sales. And in the lube oils sector, Petrol Ofisi stands, at
140,000 tons per year, as the company with the highest-volume production capacity in
the country.
With a storage capacity of approximately 1 million cubic meters and infrastructure of
fuel terminals spread all over the country, our company has strengthened its position in
fuel products traffic in the Mediterranean Region by importing 2,225,000 tons of products
in 2009.
We provide for our customers, in retail as well as commercial and industrial segments,
the most developed products and the highest quality service. To that end, we invest
USD 15 million toward fuel development efforts and cooperate with leading technology
companies of the world. This enables us to offer Petrol Ofisi customers fuel products that
ensure highest performance and fuel economy value.
In 2009, not only have we reinforced our leadership in our fields of activity in Turkey,
but we also took major steps towards becoming an integrated energy company and a
regional powerhouse by moving our activities to international destinations, as stipulated
in our vision.
One such important step was the USD 55 million investment we made in Akçakoca, the
largest natural gas drilling site in Turkey. We made this investment to diversify our portfolio
and integrate the company vertically by tapping into the field of search and production.
This move makes Petrol Ofisi the second major player on this site of production,
after Türkiye Petrolleri Anonim Ortaklığı (Turkish Petroleum Corporation).

ANNUAl rePort ‘09
In the different world that is taking shape in 2010 and beyond, our country has the
potential –deservedly so- to move up the ranks in the league of developed nations by
increasing its competitive strength, and Petrol Ofisi stands today at a perfect position to
contribute at a rapidly increasing pace to national prosperity and development.
In that regard, we have identified our future steps very clearly: our goal is to continue
with our customer-focused efforts, while rendering our portfolio more diverse and more
productive. We will continue to proceed with caution, in order to ensure the sustainability
of our business growth. We will work intensively to keep costs and expenses in check
and to increase productivity, as we review business practices continuously for further
improvement.
Our organizational network operates in all of the 81 provinces and 850 districts and as
such it is the most widespread national network. We will continue improving it by keeping
it active and developing it further. We will also continue prioritizing strong feasibility
studies in our investments, thorough inspection mechanisms to manage our nationwide
network of dealers, and employing expert staff and emphasizing loyalty in the area of
human resources.
The performance of Petrol Ofisi in 2009 is a perfect indicator of the strength and dynamism
of our competitiveness. We will continue to invest in our research and development
programs in order to maintain maximum competitiveness; stay up-to-date with
high technology by working together with our world-leading program partners in order
to develop innovative products; and maintain our leadership of the sector with the values
we create for the Turkish economy and the environment, the products we develop,
and the innovations we make.
As the big family of Petrol Ofisi, we are more committed today than ever to continue
creating value for our country.
Melih Türker Aydın Doğan
CEO Chairman of the Board of Directors
9

10
1
The World and
Turkey in 2009

As the roads level
ANNUAl rePort ‘09
2009 emerged as a year where worries transformed into hopes, and
optimistic expectations about the future began to spring up in the
wake of a severe economic downturn, the cost of which, the world’s
economies paid a high. The pessimistic mood that prevailed around
the globe at the beginning of the last quarter of the previous year
made way for a cautious optimism thanks to the positive signals
detected in the economic indicators that emerged by mid-2009.
The coordinated campaign conducted by the administrators of the
world’s largest 20 economies, including Turkey, in the face of the
crisis bore their first fruits in 2009.
Despite being one of the countries that were most affected by the crisis,
the strength of Turkey’s financial sector meant that it was among
the very few countries that overcame the most turbulent period of
the crisis without experiencing a major decline. The lessons derived
from the 2001 crisis, which led Turkey to structure its banking system
on solid foundations, helped the wheels of the economy spin,
despite the serious contraction experienced throughout the period.
Starting 2009 inconsistently due to the negative impacts of the crisis
on commodity prices, a relative recovery was achieved in the oil
industry in line with the developments that took place throughout
the year to offer some hope. In spite of this, the negative impacts
of the crisis in Turkey can be seen in the rising unemployment, contracted
industrial production, reduced consumption in the fuel sector,
and the financial and credibility problems.
11

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the world economy in 2009
The conditions that shaped the year
2009 can be identified as an “extraordinary” year
in which the modern global economy witnessed its
most challenging crisis ever and distinguished itself
with its unique conditions. The economic crisis that
started to emerge with the rapid rise of mortgage
delinquencies in the United States in the summer
of 2007, and which reached its psychological peak
when Lehman Brothers filed for bankruptcy in 2008,
transformed into a global crisis by influencing first
developed, and then developing countries as of the
last quarter of 2008.
World markets displayed sharp declines in the first
months of 2009 as a result of the worsening economic
outlook and the non-efficient functioning of
the credit markets. In the same period, governments
implemented measures that ranged from expropriation
to providing capital support and from sureties
of debts to creating liquidity opportunities, in order
to prevent the collapse of the banking system, which
was at the centre of the crisis.
However, the crisis confronted real sector companies
with major financial problems, as well as financial
sector institutions, and in spite of the measures
taken by governments, the liquidity provided by central
banks failed to effectively reach real sector companies,
which sent many large companies around
the globe drifting towards the brink of bankruptcy,
but most notably those in the United States. While
macroeconomic indicators rapidly worsened, particularly
in the first half of 2009, most countries witnessed
negative growth rates, decline in supply and
demand, and increased unemployment, as well as
major declines recorded in international trade. During
this period decreased consumer confidence and
sharply declined spending volume contributed to
concerns about a possible recession. To prevent this
becoming a reality, many governments implemented
incentives in an effort to revive consumption in leading
sectors.

A coordinated fight against the crisis
The coordinated measures taken by the G-20 countries
against the crisis to bolster the global financial
system and trade began to show effect during the
last part of the first quarter of 2009 and the markets
displayed an accelerated upward trend. During
the period, stocks, oil and other commodity prices
also began to witness a rise. From the second quarter
of 2009 in particular, a relative deceleration was
observed in the magnitude of the crisis. Finally in
the last quarter of the year, hopes and expectations
about potential positive growth rates started to
emerge in many countries.
In 2009...
ANNUAl rePort ‘09
In general, while developed countries faced great difficulties
in managing the crisis, developing countries
displayed a comparably better performance in 2009.
China and India moved forward among the developing
countries in terms of growth and recovery rates.
According to the IMF’s latest estimates, the global
economy grew by 0.8%; while developed countries
contracted by 3.2%, and developing countries –
largely influenced by Asian countries – achieved a
growth rate of 2.1%.
In short, despite all the measures taken against the
crisis, contraction in the global economy, adversely
affected world trade, government interventions
that remind of protectionism, mergers and acquisitions
virtually coming to a standstill, serious job
cuts, and a decline in capacity utilization, have been
the major developments that dominated the real
economy in 2009.
Starting with developed economies,
a number of heavy drops occurred in
world markets.
13

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developments in the global oil market
Changes in oil prices
The developments of 2008 and 2009, along with major
fluctuations in the economy, led the oil market
into a period of instability. After displaying a continuous
upward trend for the last four years, during which
time crude oil prices reached an all time record high
of $145 a barrel, a sharp decline was seen in the last
quarter of 2008 due to the crisis, closing the year at
a low of $45 a barrel as oil funds withdrew in search
of more secure ports. The increased global trend in
economizing and the contraction of the leading oil
consuming sectors made it more difficult to prevent
the rapid decline in oil prices. After hitting a rock bottom
price in mid-January 2009 of $39 a barrel, oil
prices began to experience an upward trend to close
the first quarter of 2009 at the $50 a barrel level.
In 2009...
Signs of recovery
Crude oil and petroleum products prices have benefited
strongly from the relative signs of recovery in
the macroeconomic indicators and the speculative
flow of cash into the commodity markets that started
in the second quarter of 2009, and achieved a determined
upward trend with the help of the recurrent
decrease in the value of the dollar. Loose monetary
policy and excess liquidity in developed economies
increased the risk appetite and oil prices, including
other commodities. The average price of Brent crude
oil in 2009 was around the $61.68 a barrel level. This
value represents a 6.6% decline in value compared
to 2008, in which it was $97.37 a barrel. Oil prices
closed the 2009 at a level of $77.67, after hitting rock
bottom in the first quarter at $39.66 a barrel.
There was a big drop in oil prices and global
oil demand concurrently dropped 1.6%.

Contraction in oil demand
The global economic turmoil had an adverse affect
on oil demand, causing it to fall by 1.4 million barrels
per day, and by an annual 1.6%. However, the
prevailing optimistic expectations based on the
strength of signs of a growing global recovery from
the economic crisis and hopes for a positive growth
rate in 2010, are expected to increase the global oil
demand by 500,000 to 1 million barrels a day. Nevertheless,
the trend in the oil market is still based upon
the positive outlook of global economy.
Turkey in 2009
Stability despite the crisis
ANNUAl rePort ‘09
Despite the strong growth momentum it had gained
during the period preceding the global crisis, the
Turkish economy was directly affected by the negative
developments around the world, which lead Turkey
to class among the countries hit hardest by the
crisis. After seven years of uninterrupted growth, the
Turkish Economy contracted by 6.5% in the last quarter
of 2008, hitting rock bottom in the first quarter of
2009 as it contracted by 14.7%, and continued with
its downward trend for the following two quarters,
despite the partial recovery provided through VAT/
SCT reductions. The positive developments experienced
during the last quarter brought a 6% growth;
however, overall, the Turkish Economy contracted
by 4.7% in 2009. In addition, sharp declines were recorded
in foreign trade, as well as dramatic increases
in unemployment rates.
Although the economic indicators implied a negative
outlook, the markets in Turkey displayed quite high
performances in 2009. Attaining a positive atmosphere
as the signs of recovery started to appear around the
world, the markets, unlike many other countries,
maintained a balanced progress in most of 2009,
with the relative optimism created by the Medium-
Term Economic Program the government announced
in September. Although the Turkish economy went
through the crisis with a contraction rate which was
quite high compared to world economies, the relative
soundness that the financial system had gained after
2001 helped the markets to maintain an atmosphere
of reliability and stability. In 2009, Turkey displayed a
much more solid position compared to many developing
countries and was among the few countries that
had their credit ratings raised during the crisis.
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Current account deficit and other indicators
The effects of the extraordinary conditions that dominated
2009 were felt in various ways in other areas
of the economy as well. The twelve-month inflation
rate hit rock bottom with a level of 5.1% due to the
impact of the sharp drop in especially oil and other
commodity prices. Turkey’s current account deficit,
which was 41.9 billion dollars in 2008, dropped to
13.9 billion dollars in 2009 as a result of the contractions
in the demands for intermediate goods,
imported consumption products and oil. Such high
contraction in current account deficit also relieved
the pressure on the exchange rate to a great extent.
On the other hand, import dropped by 23% and foreign
direct investments were reduced by 61.7% in
2009. As for the banking system, liabilities yielded no
surplus over the assets, and TL maintained its value
throughout the year and stood at a level lower than
the period prior to the crisis.
In 2009...
Strong expectations for 2010
As in many sectors, a serious contraction
occurred in the petroleum products market
due to the global crisis.
The signs indicating “the termination of the crisis”
have become more numerous since the third quarter
of 2009 and are becoming stronger by the day.
International economic organizations such as the
World Bank, the IMF and OECD predict that 2010
will be more positive compared to 2009. Although
the ambiguities regarding the sustainability of recovery
are not totally resolved, the general view held
among the economic circles is that 2010 will be more
stable both for the world and for Turkey, and that
the growth values will turn from negative to positive
this year. With its strong economy and potential for
growth, Turkey is expected to be among the countries
that will experience the impact of the recovery
process in the global economy most strongly.

the Turkish fuel sector in 2009
Developments in the sector
The developments in the Turkish economy in 2008
and 2009 had a profound impact on the petroleum
products market as well as many other areas, and a
specific contraction has occurred in the sector due
to the crisis. The rise in individual and corporate saving
trends starting from 2008, and the decline in fuel
consuming sectors such as construction, tourism and
agriculture industries were both significant contributors
to this change.
Diesel consumption
ANNUAl rePort ‘09
Examined on a product basis, the consumption of automotive
fuels, which are defined as white products
and comprise of gasoline, diesel and Auto-LPG, decreased
by 2.3% compared to 2008, falling to a level
of 18 million tonnes, according to the data provided
by PETDER (Turkish Petroleum Industry Association).
Among the white products, diesel consumption suffered
the biggest contraction, after having displayed
a continuous upward trend for the last five years. Although
the total consumption of the types of diesel
(low-sulphur diesel and rural diesel) was reduced by
3.9% in 2009 compared to 2008, the fall was mainly
due to rural diesel, as its consumption decreased by
a high rate of 9.4%. Having increased in the recent
years as a result of the rise in the number of diesel
vehicles, low-sulphur diesel consumption continued
its upward trend in 2009 and its share within total
diesel consumption rose from 20% to 25%.
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Gasoline consumption
In 2009, the total gasoline consumption dropped by
2.7%, to a level of 2.28 million tonnes. Auto-LPG was
responsible for this decline, as it replaced gasoline
to some extent due to the price advantage provided
by the lower SCT (Special Consumption Tax) adjustment.
Thus, in 2009, auto-LPG consumption (in terms
of tonnes) has for the first time exceeded gasoline
consumption by rising over 2.3 million tonnes. As for
the market share among gasoline and auto-LPG, gasoline’s
rate dropped from 52.6% to 49.8% compared
to 2008, whereas the market share of auto-LPG rose
by the same proportion.
In 2009...
Black Products
The sales of black products such as fueloil
and heating oil dropped along with the
decrease in gasoline consumption.
As for the black products which comprise of fueloil
and heating oil, total consumption decreased by
30.5% compared to the previous year, and fell to a
level of approximately 1.9 million tonnes. Thus, the
long-term decline in the sales volume of black products
persisted and reached the lowest figure for the
last 10 years. Due to the continual increase in the
use of natural gas, the fuel-oil segment displayed a
higher decline among the black products.

EMRA announces Price Ceilings
A significant development that occurred in Turkey’s
fuel sector in 2009 was the Price Ceilings that came
into effect for diesel and gasoline pump prices following
the EMRA (Energy Market Regulatory Authority)
board decision published in the Official Gazette,
dated 27 June 2009 and numbered 27271, to
be valid for two months from 27 June to 27 August
2009. Prior to this regulation, which set the pump
prices by a formula defined for suppliers and dealers,
the prices were 3.21 TL/lt for Unleaded Gasoline
95 Octane, 2.45 TL/lt for Rural Diesel and 2.55 TL/lt
for Diesel on the European Side of Istanbul. After the
regulation, however, the prices were set to be 3.05
TL/lt for Unleaded Gasoline 95 Octane, 2.35 TL/lt for
Rural Diesel and 2.49 TL/lt for Diesel.
During this process, the price ceilings were announced
at the EMRA website every Monday,
Wednesday and Friday, and the terminal and retail
selling prices were set accordingly. Free market conditions
resumed as of 28 August 2009, the termination
date of the regulation.
Changes in SCT
ANNUAl rePort ‘09
In 2009, the fixed SCT (Special Consumption Tax)
rates of some fuel types were raised by the Turkish
Ministry of Finance on 15 July 2009 and on 31
December 2009. As a result of this adjustment, Special
Consumption Tax for Unleaded Gasoline 95 Octane,
which was at the level of 1.4915 TL/lt before
15 September 2009, was increased to 1.6915 TL/lt
and 1.8915 TL/lt respectively. This adjustment also
caused the Special Consumption Tax for Rural Diesel
to increase from the level of 0.9345 TL/lt to the levels
of 1.0845 TL/lt and 1.2345 TL/lt, and the Diesel
Special Consumption Tax, which was formerly 1.0045
TL/lt, to the levels of 1.1545 TL/lt and 1.3045 TL/lt.
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2
Petrol Ofisi
in 2009

Growing stronger, going forward
ANNUAl rePort ‘09
Due to the fluctuations in oil prices, Petrol Ofisi started 2009 with
the risks created by the uncertainty hanging over the entire transportation
sector and with related concerns. However, as the largest
distribution company covering all parts of Turkey, the leader of the
fuel sector and the leading lubricant producer, Petrol Ofisi rapidly
implemented measures to overcome these negativities and left behind
a successful year by adopting a positive view and by exerting intense
efforts throughout the whole year to turn difficulties and worries
into opportunities. The figures from 2009 reflect this success.
Having a giant sales network of 3,008 fuel stations, together with
its second brand ERK, Petrol Ofisi continued to be Turkey’s leading
fuel distribution company in 2009. Registering a total sales volume
of 7.35 million tonnes of product, the company’s market share was
23.5% in gasoline, 27.9% in diesel and 45.7% in black products in
2009. Petrol Ofisi is the clear market leader in aviation and marine
sectors. Having the Turkey’s highest lubricant production capacity
with 140,000 tonnes per annum, the company was the leader in
this segment as well and had a market share of 22.4% by the end
of 2009.
Becoming Turkey’s second largest company in terms of sales volume
in 2009, Petrol Ofisi maintained its market shares in all segments
despite crisis conditions, and increased its profitability by
185%, reaching a level of 287.4 million TL.
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Petrol Ofisi in 2009
Customer satisfaction without compromise
Committed to the vision of offering products and
services of highest quality to its consumers and corporate
clients at all times, Petrol Ofisi, the leading
company in its field in Turkey, continued its customer
satisfaction-oriented operations throughout 2009,
despite the negative market conditions that prevailed
during the year. During this period, the main priorities
of Petrol Ofisi have been to keep the impact of
the crisis and other negativities at a minimum on the
company’s operations, business partners, employees
and most important of all, on its customers; and to
continue in a planned way to carry out the projects
that shape the development of the sector and the
implementations and investments that are beneficent
to the consumers, by maintaining the market
share and customer-oriented operation approach.
This approach positively contributed to customer
loyalty which, in an atmosphere of competition, becomes
more important with each passing day. The
energy and passion the Petrol Ofisi employees reflected
through these activities lead to an increase in
the number of customers and established a feeling
of trust for the company.
The objective of profitability
In 2009, Petrol Ofisi continued to take determined
steps to fulfill its objective of “becoming Turkey’s
top organization in the field of retail sales.” With this
objective, the company closely followed the investment
opportunities that suited its vision of becoming
a regional power in the fields of oil and gas. Current
market conditions, however, have made it more
important than ever for investment decisions to be
taken at the right time, for the right market and with
the right profitability objectives. Petrol Ofisi has approached
the issue of growth under changing conditions
with greater sensibility and has based its plans
on the objective of increasing profitability by maintaining
its market share.
In 2009, getting rid of unnecessary expenses and
making “more profit” instead of higher turnover
were among the primary objectives of the company.
With these objectives in view, the company adopted
an approach of withdrawing from unprofitable segments
and started to implement an effective expense
management program. The issue of effectively managing
its operations with less expense was an area of
priority for Petrol Ofisi in 2009. The measures implemented
to increase productivity and to control the
expense basis played a central role in the successful
performance of the company.

Continuing investments despite the crisis
Major steps were taken in 2009 to realize Petrol
Ofisi’s vision of becoming an integrated oil and gas
company. The natural gas investment project implemented
in Akçakoca, the largest natural gas production
area in Turkey, was the first of these steps. The
55-million-dollar investment by the company aimed
at diversifying its portfolio and entering exploration
and production as a way of vertical integration, made
Petrol Ofisi the second biggest partner in this project
after the Turkish Petroleum Corporation (TPAO).
The company’s second major area of investment
consisted of contract renewals and new stations. Responsible
for almost 70% of the company’s turnover,
the retail segment occupies a vital place among the
company’s operations. As Petrol Ofisi has been attaching
great importance to developing stations and
to its objective of operational perfection, special emphasis
continued to be placed on such investments.
The third major investment area of the company is
the logistics and infrastructure services. As part of
the infrastructure investments necessary for the operations
to be carried out continuously and perfectly,
the Batman Storage Terminal, which was activated
on 29 January 2009 with 7,700 m 3 of storage capacity,
and the future terminal in Marmara Ereğlisi play
a significant role.
In 2009...
Leadership with responsibility
ANNUAl rePort ‘09
In 2009, the negative economic conditions led to a
general contraction in the sector and were also reflected
in the sales volume of Petrol Ofisi. However,
thanks to the measures implemented, the sales performance
of the company was higher compared to
average sales levels in the sector, despite the general
contraction in the market. In 2009, Petrol Ofisi maintained
its market share in almost all segments, even
raising its position in some.
Petrol Ofisi ranked second in the “Top 3 Companies
with the Highest Turnover” category of the “Turkey’s
Top 500 Private Companies” survey, which was organized
for the 12 th time by the Capital magazine. With
over three thousand dealers, employees, distribution
network and suppliers, Petrol Ofisi provides direct or
indirect employment to over 100 thousand people.
As one of the most prestigious organizations in Turkey,
Petrol Ofisi worked hard yet again in 2009 to be
worthy of the trust put in it, and continued to support
social projects with the conviction that supporting
social development to the degree possible is the
responsibility of all the institutions of the country.
Petrol Ofisi continued to grow
despite a contracting sector and
difficult market conditions.
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3
Retail
operations

ANNUAl rePort ‘09
A powerful and reliable companion
Petrol Ofisi is the largest fuel distribution company in Turkey, unique
in offering services nationwide with its widespread dealer network
covering all the 81 provinces and close to 850 boroughs. As one
of the largest retail organizations in Turkey, the company, together
with its second brand ERK, continued to carry out its retail sales operations
in 2009 through a giant sales network comprised of 3,008
fuel stations.
The primary objective of the retail operations of Petrol Ofisi is to
meet the consumers’ fuel-related needs in a reliable way with a
customer satisfaction-oriented approach and high-quality products,
thereby turning the fuel purchase process into an enjoyable, fast
and practical experience. The costumers can easily access the fuel
stations located nationwide, and with the thorough periodic supervisions
the company ensures that the products and services offered
at the stations meet its quality standards.
Within the framework of operational excellence, which in recent
years has been the most fundamental criterion of success for Petrol
Ofisi, the company carries out fuel station refurbishment operations
and renovates the fuel stations in line with the corporate identity.
The program aims at meeting the consumers’ various needs besides
fuel, and at ensuring customer satisfaction at every moment
of the shopping process. From the company’s privatization to the
end of 2009, 2,395 fuel stations have been refurbished to meet the
targeted quality standards. In order to ensure that the services offered
to the customers are continuously enhanced, the company
undertakes training programs and standard inspections, as well as
mystery shopper applications; a continuous improvement program
is carried out to improve the issues detected during inspections.
The main objective of Petrol Ofisi is to offer its customers much
more than just fuel at every station carrying its brand name, and
to become the most reliable and strongest companion to people
travelling around Turkey over land, sea or air.
25

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fuel stations
The leader of the fuel sector
Petrol Ofisi offers fuel sales through two brands. The
3,008 fuel stations of the company, consisting of 2,811
Petrol Ofisi branded stations and 197 ERK branded stations,
compose 24% of the total 12,693 fuel stations
in Turkey. The company’s superiority in competition
is further augmented by a strong sales performance.
Through its giant sales network, Petrol Ofisi has registered
a retail sales volume of 4.6 million m 3 for white
products (gasoline, diesel, kerosene and LPG) in 2009.
The company’s market shares were 23.5% in gasoline
and 27.9% in diesel. In 2009, average annual throughput
level per station reached 1,500 m 3 at Petrol Ofisi
stations – significantly higher than the national industry
average of 1,200 m 3 .
Fuel station investments
Petrol Ofisi carries out an intensive investment policy
in this area in order to increase retail sales which occupy
a very significant place within its annual turnover
and to maintain and strengthen its leadership in the
industry. The company closely follows its high-priority
objectives of station refurbishments and operational
excellence and emphasizes investments in these areas.
Contract renewals, new station investments and automation
activities form the most significant part of the
company’s retail investments. In developing the investment
plans, Petrol Ofisi prefers locations where the
company can provide superior services and customers
can have easy access to stations. Although the growth
plans regarding retail sales are considered on a nationwide
basis, they especially focus on spots in metropolitan
areas with high visibility and high sales potential.
As part of its retail operations, Petrol Ofisi renewed contracts
with 365 fuel stations, signed contracts with 26
new fuel stations, and carried out “infrastructural improvements”
such as general corporate identity maintenance,
concrete paving, infrastructure improvement,
landscaping etc at 203 fuel stations in 2009. Within the
same scope, “corporate identity maintenance” was carried
out in 1,540 stations throughout the year. In addition
to sales building applications such as relocation of
washrooms to allow entrance through the supermarket
or façade lining/painting, white-identity activities
were also carried out all through the year.

Technology and infrastructure investments
Use of technology is one of the distinguishing elements
that make Petrol Ofisi the leader of the fuel
distribution sector. The company management believes
in the importance of keeping up with innovations
throughout the world and makes wide use of
technology in order to realize the company’s motto
of high-quality service. Petrol Ofisi is among a small
number of fuel distribution companies in the world
that make effective use of high-technology over a retail
network of this size.
The most important technological development implemented
to enhance quality is the “Satellite Tracking
System” which enables the tracking of station
storage tanks and fuel pumps via satellite on a 24/7
basis. This system enables the online monitoring of
the sales and the storage tank levels at the stations
in the main network, thereby providing the opportunity
to detect whether the fuels are tampered. By the
end of 2009, pump and tank automation activities
were implemented in 1,600 stations. Thus, in terms
of sales volume, 75% of the station sales can now be
centrally monitored.
The additional technological automation systems
implemented at fuel stations also enable the use
of several marketing/sales tools which bring convenience
and various benefits to the customers.
The applications, which are connected to an online
system and work in real-time such as Positive Card,
AutoMatic, Card AutoMatic, Prepaid Card, Filo Card,
Lojistik Card and Lokal Cari Card are all pioneering
and innovative solutions.
In 2009...
Petrol Ofisi continued its investments
by carrying out “corporate identity
maintenance” in 1,540 stations.
Web services
ANNUAl rePort ‘09
Petrol Ofisi makes broad use of the Internet and
other technological means to enhance communication
with its dealer network and to speed up many
routine time-consuming procedures. In line with its
philosophy of continuous improvement, the company
continued to make investments in the area of
web services in 2009 and activated an internet portal
which brings together all the services provided
for retailers. The website can be accessed at www.
poasbayi.com.tr. In addition to the improvement
and development activities on the Internet, the electronic
“signature control” system was activated in all
terminals and facilities of Petrol Ofisi in 2009.
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Training activities at the fuel stations
The company invests in people to improve its retail
operations. Convinced that face-to-face communication
with customers is more effective than advertisement,
Petrol Ofisi carries out periodic training activities
based on measurement and monitoring methods
to attain operational excellence and to improve
customer relations at the stations. In 2009, Petrol
Ofisi organized standard training activities at 1,000
stations with the themes of “Product”, “Service”,
“HSE / Health, Safety and Environmental Protection”
and “Operational Management.” Moreover, a longterm
“Station Management Development Program”
was carried out at 267 prioritized stations.
In 2009, as part of the PO Academy (Station Personnel
Placement Programme), 402 employees were
recruited to work at the stations. Below are some
training and development activities carried out during
the year:
•
•
•
•
•
Training was provided for 58 territory managers
on “Business Management and Financial Analysis”.
“Operational Management” training was provided
for 266 station managers.
“Retailer Orientation” training was provided for
55 company employees on the sites.
Training meetings on “PO Quality Processes”
were organized for 200 members of the Cab
Drivers Cooperative Association.
Training programmes were organized at stations
about the use of Positive Card.
Operational improvement and
development activities for dealers
A series of activities were carried out in 2009 in order
to enhance station efficiency and to provide continuous
improvement and development. To realize these
activities, necessary actions were taken and shared
with the parties concerned.

Dealer meetings
Given the fact that a distribution company cannot
be considered independent of its dealers, Petrol
Ofisi attaches special importance to maintaining
good relations with its dealer network. The company
had the opportunity of sharing the sector’s developments,
problems and objectives with its dealers
through dealer meetings that were launched on 12
June 2009 under the theme of “Nice Yollara” (Way
to Go) and were organized around the 7 regions of
Turkey, in İstanbul (Anatolian and European sides),
Ankara, İzmir, Adana, Nevşehir and Antalya.
In these meetings, solutions were sought for the
problems due to the economic crisis, and future
prospects were discussed. As the company received
the full support of its dealers in all the issues mentioned,
the strong ties of the Petrol Ofisi family were
revealed once more, enhancing the atmosphere of
mutual trust. Written materials, which included the
issues on the meeting agenda and related developments,
were then prepared and distributed to the
dealers, and relevant feedbacks were received.
In 2009...
ANNUAl rePort ‘09
Other activities regarding dealers
As one of the requirements of being a brand, employee
uniforms that reflected our corporate identity
at fuel stations were designed for Summer 2009
and Winter 2010 and distributed to the dealers. Four
editions of the internal communications and training
magazine İstasyonum (My Station) were published.
The performance targets set for the activities in
the areas of fuels, lubricants and loyalty cards were
surpassed in the Gebze POAŞ station, which was selected
as the pilot area for the Station Management
Development Programme.
Dealer station meetings were held in 7
regions under the theme “Way to Go.”
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gasoline and diesel products
V/Max Performance Series
Reflecting an innovative philosophy and a customeroriented
service approach, Petrol Ofisi is committed
to the principle of providing the most developed
fuels for Turkey. Accordingly, the company follows
the latest technological innovations in order to develop
and offer high-performance and environmentfriendly
products that provide fuel economy, as well
as developing new products through activities concentrating
on fuel property enhancement.
The consumers’ expectations rise along with technological
advances in the fuel sector. The consumers
demand that the fuels they use should provide
economy and high-performance as well as quality.
Including an array of products that enhance vehicle
performance, provide fuel economy, and clean and
protect the engine, the V/Max Performance Series
was launched by Petrol Ofisi in 2007 to meet the
abovementioned demands and received positive
responses from consumers, continuing their high
performance since day one. Developed specially
by Afton, one of the world’s leading manufacturer
of fuel additives, V/Max Performance Series consist
of V/Max Unleaded 95, V/Max Unleaded 97, V/Max
EuroDizel and V/Max EuroDizel 10.
V/Max Unleaded 95
Petrol Ofisi’s high-quality, pioneering product V/Max
Unleaded 95 distinguishes itself from the competitor
products in the market with its high cleansing power,
strong performance, engine protection and fuel
economy. V/Max Unleaded 95 provides maximum
performance and economy by cleansing the engine,
through the strong detergent additive in its formula.
With the “Friction Modifier” additive that reduces
friction, it also protects the engine by preventing
energy loss and wear through friction, and offers a
considerable amount of fuel saving.

V/Max Unleaded 97
V/Max Unleaded 97 is an engine-friendly product
providing strong performance with the high octane
it contains. The strong detergent additive in it’s formula
helps to remove the engine deposits for more
effective combustion and restoring the original performance
levels. With a special “friction modifier”
additive, V/Max Unleaded 97 provides fuel economy
by reducing friction and prolongs engine life. V/Max
Unleaded 97 can be used in all vehicles that work
with unleaded gasoline.
In 2009...
With the mission of offering
Turkey the best fuel, Petrol Ofisi
further perfected the V/Max
Performance Series.
V/Max EuroDizel 10
ANNUAl rePort ‘09
Considered to be the most environment-friendly diesel
fuel in the market, Petrol Ofisi’s V/Max EuroDizel
10 is an unrivalled product providing maximum
engine protection. Launched 1 year and 26 days
before 1 January 2009, the date EU’s relevant legal
regulation came into effect, V/Max EuroDizel 10 is
the first Ultra Low Sulphur Diesel product available
in the market with its extremely low sulphur content
(of 0-10 ppm). V/Max EuroDizel 10 contains 80% less
sulphur and 60% less nitrogen oxide levels than required
by Euro-3 norms.
After its launch, V/Max EuroDizel 10 became an indispensable
product for diesel engine users. V/Max
EuroDizel 10’s high cetane number improves engine
performance and reduces engine knocking, ensuring
quiet and smooth driving. The detergent additive
in the formula cleanses the engine, and the special
anti-metal additive prevents the metal particulates
in the fuel system damaging the engine. V/Max EuroDizel
10 also prevents oxidation with its anti-corrosive
feature, thereby helping to reduce maintenance
costs and extending the maintenance period of the
engine. Moreover, the special additive in the formula
prevents freezing up to -20 degrees centigrade and
the product is a truly environment-friendly with its
extremely low sulphur level.
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In 2009...
AdBlue ®
AdBlue ® , which converts the nitrogen oxide in exhaust
gases of the diesel vehicles equipped with SCR
(Selective Catalytic Reduction) system into water vapor
and harmless nitrogen took place in Petrol Ofisi
product family in May 2009. In Europe the Euro-4
and Euro-5 standards are applied to eliminate the
particles in the exhaust gases that are detrimental
to health and harmful to the environment, and to
reduce greenhouse gas emissions – one of the most
important causes of global warming. These standards
require the use of AdBlue ® in diesel vehicles
equipped with SCR in order to reduce exhaust gas
emissions. The use of AdBlue ® reduces nitrogen oxide
emitted with exhaust gas by up to 80% and minimizes
the damage to the environment.
AdBlue ® increases traction and prolongs the life of
the vehicles with SCR system, in addition to being
environment-friendly and it is put into a special container
located near the fuel tank and used as 4-6%
of the average diesel fuel consumption. A registered
trademark of VDA (Verband der Automobilindustrie),
of which Petrol Ofisi is a member, AdBlue ® is
introduced to the market in 18-liter plastic packing
and is available in more than 100 Petrol Ofisi stations
since May 2009.
Protecting nature and the vehicle at the
level of European standards, AdBlue®
was introduced in the markets.

product tests
Special products from Petrol Ofisi
To meet the consumers’ increasing expectations
regarding fuel quality and to introduce pioneering
products in the market, Petrol Ofisi cooperates with
Afton Chemical Company, which is considered to be
the world’s number one authority for fuel additives.
Special products are developed for Petrol Ofisi with
R&D partnerships. The products undergo long and
detailed testing processes through collaborations
with prominent automotive companies before being
introduced to the customers. The test results
are then approved by independent scientific institutions.
ANNUAl rePort ‘09
New Generation V/Max Eurodizel
Petrol Ofisi has collaborated with Mercedes Benz
Türk in order to test the fuel economy performance
of the new generation additive package developed
especially for diesel engines by Afton in 2009. A
number of trials were conducted with the new additive
package at the independent Tickford Powertrain
Testing Center where fuel-induced power loss
in direct fuel injection diesel engines was measured.
Road tests and chassis dynamometer tests were also
carried out under the supervision and approval of
TÜBİTAK (The Scientific and Technological Research
Council of Turkey).
The tests conducted for New Generation V/Max
Eurodizel reveal that, when used regularly, the fuel
cleanses the engine, relieves the deposits that form
in the fuel injection system, provides significant fuel
economy through more efficient ignition, improves
engine power, prolongs engine life, ensures a silent
drive and protects the environment with low emission
values. The loss of engine power resulting from
the use of ordinary fuel is also restored by the New
Generation V/Max Eurodizel.
After the positive results obtained, Petrol Ofisi decided
to launch the New Generation V/Max Eurodizel
in the market in February 2010.
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quality control
Clean and safe fuel
Petrol Ofisi puts great emphasis on quality control
and supervision activities in order to ensure that the
specially developed high-quality products are presented
to the consumers at their best. The fuel sale
activities are continually monitored by Petrol Ofisi
through the “Satellite Tracking System.” In addition
to the automated monitoring systems, the company
also performs regular controls by “marker tests”
conducted periodically at all stations to ascertain the
tampering of fuel.
Apart from the internal monitoring processes performed
at the stations, samples of fuels are collected
from the stations at certain intervals and sent
to relevant laboratories to be tested as prescribed
by EMRA (Energy Market Regulatory Authority). In
another effort to ensure fuel quality, fuel storage
tanks at all stations are cleaned twice a year. In 2009,
storage tank cleaning operations were conducted at
2,578 stations and the operation implementation
level rose to 91%.
In 2009...
auto-LPG
A growing sector
Petrol Ofisi became the largest Auto-LPG
distribution network in Turkey with 1,321
PO/Gaz stations.
Despite the contraction in bulk and bottled LPG segments,
auto-LPG consumption in Turkey continued
to rise under challenging conditions of 2009, and
according to PETDER’s (Turkish Petroleum Industry
Association) estimates, increased by 9% over 2008
to reach 2.3 million tonnes. With this development,
auto-LPG segment’s share in total LPG consumption,
which was around 30% in 2000, reached approximately
65%. It is estimated that there are 2.4
millions of passenger cars using auto-LPG in Turkey.
Auto-LPG consumption rapidly rose in recent years
and for the first time exceeded total gasoline consumption
(in terms of tonnes).

Largest auto-LPG distribution network
After registering its LPG license in 2006 and becoming
a nationwide auto-LPG distributor in Turkey,
Petrol Ofisi accelerated its activities in the auto-LPG
segment by launching the PO/GAZ brand. In 2008,
Petrol Ofisi increased the number of its stations and
became the largest auto-LPG distribution network in
Turkey by reaching a number of 1,046 stations at the
end of the year.
In 2009, 275 dealers joined the network under the
PO/GAZ umbrella, raising the total number of stations
to 1,321. The sales volume was 415 thousand
tonnes in 2009. The PO/GAZ market share is around
15%. Together with the contracted stations, this rate
reaches up to 18%.
LPG infrastructure investments
ANNUAl rePort ‘09
In 2009, in addition to the activities performed to expand
the number of dealers, a busy work plan was
followed to provide supply and logistics optimization
for a network of this size. Satellite tracking systems
and mass measurement devices were installed
in 151 road tankers to enable continual monitoring
of the vehicles. As of 2010, the vehicles will also be
provided with advanced equipments that will enable
on-site invoicing. A system was designed to transfer
refueling data from LPG road tanker devices to the
center and is now at the trial stage.
In 2009, the company supplied 336,326 tonnes of
auto-LPG. The supply centers are in Yarımca, Ankara,
Aliağa, Dörtyol, Antalya, Marmara Ereğlisi, Ordu,
Erzurum and Tirebolu. During the year, 180 auto-
LPG stations were installed and periodic controls and
dispenser calibrations were carried out at 1,000 PO/
GAZ stations. The process of diversifying the suppliers
was continued throughout the year and new supplier
contracts were made regarding storage tanks, pumps
and dispensers. Investments were made towards
weight meter and storage tank facilities at the
Company’s Aksaray terminal to enable LPG filling,
and the construction activities were started in the
third quarter to build 2 LPG terminals with a total
of 50,000 m 3 storage capacity. The terminals are
planned to be launched at the end of 2011.
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customer loyality programmes
AutoMatic fleet sales programme
AutoMatic, Petrol Ofisi’s fleet management service
for corporate customers was first launched in 2003
and rapidly reached a big number of clients thanks
to the benefits it provided. By the end of 2009, AutoMatic
reached 8,450 clients and 140,000 vehicles,
with 30,000 new vehicles in the system. In 2009, a
total volume of 306,000 m 3 white products were sold
via the programme and number of corporate clients
grew by 33%, number of vehicles increased by 27%
and sales volume by 35%. Covering the largest service
area compared to its competitors, AutoMatic
is the most widespread corporate customer loyalty
programme in Turkey.
In 2009...
The AutoMatic system is used by many private companies
in manufacturing, food, logistics and tourism
industries, as well as public institutions including
TBMM (Grand National Assembly of Turkey). The
identification unit installed on the vehicles allows
the customers to purchase fuel from Petrol Ofisi stations
without making any payment on the site. All
purchases are automatically recorded by the system
and can be monitored by the customer over the internet.
Depending on the equipment installed on the
vehicle, the system can even report the kilometer information
of the vehicle at the time of fuel purchase
and enhances the client’s fleet management capacities
by providing options that stop fuel purchasing,
set purchase limitations or determine the type of
product to be purchased.
As Petrol Ofisi is the fuel distribution company with
the widest station network AutoMatic, customers
can benefit from the system all around Turkey. In
2009, the number of stations with the AutoMatic
system increased from 1,350 to 1,500. The client list
grew bigger and the number of fleet vehicles registered
in the system increased during the year, as
companies like DenizBank, Drogsan, Akbank, Aydın
Rent A Car, Turkcell and Unilever-Algida distributors
were integrated to the system.
The number of active users of Positive Card,
valid in over 2,000 Petrol Ofisi stations
throughout the country, exceeded 2 million.

Positive Card
Petrol Ofisi’s Positive Cad, launched in 2008, was a
great success and became the most widespread customer
loyalty programme in Turkey at the end of its
first year by reaching 1.5 million users. Expanding its
customer population even further in 2009 with the
addition of many new advantages, Positive Card’s
active user number exceeded 2 million by the end
of the year. Positive Card is available at more than
2,000 Petrol Ofisi stations throughout Turkey.
In the Positive Card system, the customers earn Positive
Card reward points for their fuel purchases, depending
on the type of product they purchase. With
the points accumulated in the cards, they can select
from the 80 gifts in the Positive Card catalogue which
is composed of 8 categories addressing different
areas of interest. Lubricant products of Petrol Ofisi
(maxima AUTO LPG 20W-50, maxima 10W-40 and
MAXIMUS 15W-40) were added to the catalogue as
alternative gifts. By 2009, over 200 thousand gifts
were delivered to the holders of Positive Card.
ANNUAl rePort ‘09
Customers can also link their Positive Cards to credit
cards issued by participating banks and pay their fuel
purchase directly at the pump, without even getting
out of their cars. Through this unique technology of
Positive Card, a first in Turkey, customers earn points
with both their Positive Cards and their credit cards.
İş Bankası, Garanti Bankası, Finansbank, Fortisbank
and HSBC are currently participating in the system.
Petrol Ofisi’s consumer-oriented loyalty programme
is based on a sophisticated technological infrastructure
and is supported by a widespread service network.
The company aims at enhancing the benefits
and comfort Positive Card brings to its customers.
With this objective in view, a number of collaborations
were formed between Petrol Ofisi and other
prominent companies with a focus on consumer
benefits, and the advantages of Positive Card were
further variegated. Below are the major promotional
campaigns organized in 2009:
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• The Program That Flies You Fastest in Turkey:
Launched on 12 June 2009 through the collaboration
of Petrol Ofisi, Pegasus Airlines and HSBC,
the long-term campaign provides the holders of
Positive Card the opportunity to win flight points
equaling to 5% of the amount of purchase they
make at the Petrol Ofisi stations using their Pegasus
Cards.
• Private Pension Scheme: First introduced in 2004
by Petrol Ofisi in collaboration with Anadolu Life
Insurance and İş Bankası, “the Private Pension
Scheme” aims at contributing to the pension accounts
of Petrol Ofisi customers and was included
in the Positive Card programme as of 15 July
2009. Customers registered in the programme
earn reward points equaling to 1% of their fuel
purchase and the points are transferred to their
personal pension accounts.
• Fenerbahçe Card: The card system of another
company was integrated into Positive Card system
to provide the holders of Fenerbahçe Card
the opportunity to use their cards like Positive
Card at Petrol Ofisi fuel stations as of 25 October
2009. The collaboration offers card holders
the opportunity to accumulate points in their
cards and to select presents from the catalogue.
A part of the fuel price is transferred to the Fenerbahçe
Sports Club.
In 2009...
• Travel benefits: The collaboration of Petrol Ofisi
with Işıl Tour provided the holders of Positive
Card discount coupons amounting to 100 TL and
extra installment options.
• Earning points by purchasing lubricants: With
a scheme introduced on 31 December 2009,
purchasing lubricants from maxima, MAXIMUS
and maximoto groups at Petrol Ofisi stations
also started to earn points for Positive Card. By
the end of 2009, 165 Petrol Ofisi stations were
integrated to the programme. The 2010 target
for the number of stations to be included in the
system is 1,000.
• Car insurance discount: With the one year long
campaign launched on 1 April 2009 through
joint efforts with Sigortam.net, the holders of
Positive Card are provided with the opportunity
of a 20 TL discount for traffic insurance policies
and of a 50 TL discount for car insurance policies
they purchase through Sigortam.net.
• Real benefits in a virtual world: With the cam-
paign launched on 29 May 2009, the holders of
Positive Card earned discount coupons worth
10, 25, 50 or 100 TL for the points accumulated
in their cards, which can be used at the online
shopping center Hepsiburada.com.
Petrol Ofisi organized various campaigns in
cooperation with other brands in order to increase
the advantages of being a Positive Card owner.

other promotional activities
Special projects for SMEs
In order to enhance its portfolio of small and medium-sized
clients in the segment of fleet sales, Petrol
Ofisi has established agency agreements with TEB
SME Club Card, OSO (Common Supplying Organization)
and Otobroker in 2009. By promoting the Auto-
Matic Fleet Management System to the customers of
these organizations, the company has signed 3-year
long fuel purchase agreements with 200 mediumsized
firms.
Moreover, a “telesales agency” was formed for the
SME segment. The small and medium size firms
with a monthly consumption below 10 thousand TL
were contacted over telephone or the Internet, and
agreements were made with 500 enterprises. As a
result of the visits paid to organized industry areas to
expand the SME portfolio, agreements were signed
with 150 enterprises.
Lojistik Card
ANNUAl rePort ‘09
Analyzing the needs of the transportation system,
Petrol Ofisi has developed the Lojistik Card to meet
the needs of the sector. With Lojistik Card, big transportation
firms can make some of their payments to
subcontractors in the form of fuel from Petrol Ofisi
stations. In this system, members of the firm can
load credits to subcontractor’s Lojistik Card over the
Internet using their user code and password, and
can set limits to the fuel the subcontractor can purchase
at Petrol Ofisi stations. Lojistik Card enables
the transportation companies to manage their operational
costs effectively.
39

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Bank campaigns
Petrol Ofisi sought to attract new customers and
support its sales through various bank campaigns organized
in 2009. Six different consumer campaigns
have been realized with five different banks throughout
the year. These campaigns were supported by the
communication activities carried out through various
channels, and the public was informed about the
campaigns. In addition to the bank campaigns that
provide various payment benefits, the “Üretici Card”
programme, a first in the sector, was introduced by
collaborating with Denizbank to provide over 200
thousand small and medium-scaled agricultural producers
the opportunity of purchasing fuel with a
5-month term and a zero interest payment option.
“İşletme Card,” which again was a first in the sector,
was launched in the last months of 2009 to provide
similar benefits for the fuel purchases of small and
medium enterprises.
Special promotions
In 2009, Petrol Ofisi Fleet Sales developed several
business partnerships with Sigortam.net and Ray
Sigorta. Within this framework, the business partners
provided their customers the opportunity of
purchasing fuel at Petrol Ofisi stations by using the
Fleet Sales’ Kontör Card.
CRM activities
In addition to direct marketing operations concerning
product and campaign promotions, Petrol Ofisi
also emphasizes CRM (Customer Relations Management)
activities, which help the company to create
special promotional campaigns and offers for different
customer groups. During the year, segmentation
activities were performed to classify the customers
according to their demographic variables, income
status, expectations and consumer behaviors, and
tailored proposals were developed for different
groups. The infrastructure operations that the CRM
activities required were continued throughout the
year to match corporate targets and strategies.

non-fuel retail sales
Convenience stores at stations
Turning Petrol Ofisi fuel stations into attractive retail
shopping environments which provide products and
services to meet the customer’s fuel and non-fuel
needs was an issue dealt with priority, as it both increases
the total income of the stations and indirectly
improves fuel sales. With this objective in view,
agreements were made with prominent brands in
areas of food, textile, communication, souvenir and
hygiene products, and these brands and products
were placed at station convenience stores.
In 2009, the company’s merchandising team conducted
regular visits to fuel station convenience
stores to ensure that the desired quality standards
are attained and that the store layouts provide ease
and comfort for the customers. During the visits, the
team also continued to provide on-the-job training
to station managers on issues such as product stacking,
cleaning and stock follow-up.
In 2009...
“Üretici Card” made it easier for
agricultural producers to purchase
fuel products from Petrol Ofisi.
ANNUAl rePort ‘09
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4
Commercial and
Industrial sales

The power that spins the wheels
ANNUAl rePort ‘09
Petrol Ofisi is the leader in commercial and industrial sales as well,
and achieves a growth rate above the market average each year
with its superiority in service and competition. With its wide logistic
network, strong infrastructure and operational service competence
based on years of experience, Petrol Ofisi is the most preferred fuel
supplier in the wholesale segment for small and large-scale corporate
customers active in sectors such as manufacturing, mining, agriculture,
logistics and construction industries.
In addition to white and black petroleum products, Petrol Ofisi is
rapidly rising in the market of liquefied natural gas (LNG), which
is increasingly used in various areas of industry, and the company
strengthens its position in this field with new investments. LNG is
more economic and environment-friendly compared to petroleum
products and occupies a significant place within Petrol Ofisi’s future
plans.
43

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wholesale buseniss LNG sales
Leader in wholesale business
Petrol Ofisi is Turkey’s national market leader in the
wholesale segment, serving industrial organizations,
contractor companies, public organizations, logistics
firms and distributors. Petrol Ofisi supplies all
kinds of products demanded by the customers in
the shortest time, with maximum quality and under
the most economical conditions, thanks to its high
stock capacity and storage plants spread across the
country, and provides significant added value for all
its domestic and international corporate customers.
The company can also create customized solutions
by evaluating the consumer needs, storage opportunities
and technical infrastructure of its customers,
which gives Petrol Ofisi a distinguished position in
industrial / commercial sales.
The wholesale operations of Petrol Ofisi are carried
out either over the dealer network in compliance
with the relevant legislations, or made directly to
licensed corporate clients over a certain size. Depending
on the demand of the customer, the supply
activities are either performed at the terminals
of Petrol Ofisi or the products are delivered to the
customers.
In 2009...
A growing sector
Petrol Ofisi bolstered its presence in the
LNG market with its 175 LNG storage
tanks, 26 LNG road tankers and a select
customer portfolio.
LNG (Liquefied Natural Gas), obtained by the cooling
of natural gas to -162°C, has become an attractive
alternative energy source in Turkey as well.
Since it is significantly more economical than the
petroleum products, LNG can be used in big plants
for heating purposes and in those sectors of industry
and shipyards that require thermal procedures.
This product is preferred by many enterprises due to
its environment-friendly characteristic. LNG is transported
over land or sea by specially equipped road
tanks, and provides a cost-efficient and easy-to-use
alternative for plants in places not accessed by natural
gas pipelines.

LNG market in 2009
In 2009, two important developments affected the
LNG market in Turkey. Firstly, consumption volume
significantly contracted in the first quarter of the
year as LNG lost its price advantage. Following oil
prices with a 6-9 months’ delay, natural gas prices
reached their peak at the beginning of 2009. However,
during the same period fuel-oil prices sunk to
a level lower than LNG due to the sharp drop in oil
prices. Additionally, as some customers started investing
in coal in order to cut expenses further, LNG
sales registered a sharp decline in the first quarter
of the year. This situation ended in April when LNG
prices were reduced by 39% and significant agreements
were made starting with May.
Another significant development in 2009 was the
LNG refueling of road tankers at the Egegaz LNG
terminal situated in Aliağa, İzmir. This development
provided an alternative to the BOTAŞ terminal in
Marmara Ereğlisi, which used to be the only LNG refueling
facility in Turkey.
LNG operations of Petrol Ofisi
ANNUAl rePort ‘09
Continuing its operations in the LNG market with its
subsidiary Petrol Ofisi Alternatif Yakıtlar Toptan Satış
A.Ş. (Petrol Ofisi Alternative Fuels Wholesale Inc.),
Petrol Ofisi is among the prominent players of the
market with its 175 LNG storage tanks and 26 LNG
road tankers. The company first entered the market
in 2005, then grew rapidly and succeeded in maintaining
its market share around 21% in 2009. Despite
the market contraction in the first quarter of the
year due to the excessive rise in prices, Petrol Ofisi
registered an LNG sales volume of 73,000 tonnes
and ranked first in Egegaz refueling. The company
has a customer portfolio including more than 100
outstanding firms from a customer pool.
The transportation and storage of LNG is carried out
by specially equipped vehicles since LNG has to be
stored at a temperature of -162°C. The transportation
services of the company are provided by Petrol
Ofisi Gaz İletim A.Ş. (Petrol Ofisi Gas Transport Inc.)
holding an L1 license. The vacuum insulated cryogenic
storage tanks used in LNG transportation comply
with the European standards and are regularly
monitored.
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5
Aviation and
Marine fuels

Refueling for ships and aircrafts
ANNUAl rePort ‘09
Petrol Ofisi, Turkey’s most preferred jet fuel supplier, is by far the
leading company in aviation industry in terms of its market share
and runs its operations in the field with under the POAir brand. The
company supplies jet fuel for more than 100 domestic and international
airlines in Turkey and abroad and performs refueling operations
for more than 260,000 aircrafts per annum. Active in aviation
and jet fuel market since 1967, Petrol Ofisi has established a
deserved trust in the sector with its superior and timely services
and has added more than 100 airlines to its portfolio, including the
world’s biggest fleets.
Petrol Ofisi has been the leader in the marine sector for years
and offers services under its POMarine brand. With its terminals
and floating vessel facilities extending from Hopa to İskenderun,
POMarine is the only company to supply fuel in the entire territorial
waters of Turkey and has a high penetration ratio with a market
share of 36%. As a result of its international market recognition,
an important part of the company sales are made to international
customers. POMarine provides fuel oil, diesel and lubricants to
all types of vessels, including container vessels, dry cargo vessels,
passenger liners, fishing or cruising boats sailing exclusively on
Turkey’s territorial waters or on transit voyage.
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aviation sales
Developments in the aviation sector
The global developments in 2009 affected the aviation
sector in a negative way. As significant drops
have occurred in the number of passengers due to
the economic crisis, many airlines, including the
world giants such as British Airways and Air France
ended the year with a significant amount of revenue
loss and contraction. According to the data
provided by International Air Transport Association
(IATA), passenger demand contracted by around 3%
in 2009, leading to a loss of 9.4 billion dollars in the
aviation sector.
In 2009...
POAir, the indisputable market leader
Despite the negative conditions prevailing over the
aviation sector, POAir increased its sales volume by
6%, raising it from 1.93 million m 3 to 2.04 million m 3 .
In the same period, the number of aircraft refueling
operations increased from 249 thousand to 266
thousand, marking an increase of 7%. This successful
performance has reconfirmed POAir’s leadership in
the jet fuels segment. Next to Turkish Airlines, POAir’s
Turkish clients include Onur Air, Pegasus, Atlasjet, Sun
Express, MNG and Sky, while its portfolio of over 60
international clients includes KLM, SAS, Lufthansa, Air
France, Swissair, Korean Air, DHL, Thomas Cook, Qatar
Airways, Aeroflot, and EasyJet. POAir has over 1,000
clients, including flight schools and private jets.
POAir consolidated it leadership in the jet fuels
segment by increasing its sales by 6% over the
previous year.

In 2009, POAir continued to operate the fuel hydrant
systems at İstanbul-Atatürk Airport, Antalya Airport,
Ankara-Esenboğa Airport, İzmir-Adnan Menderes
Airport and Muğla-Dalaman Airport. The company
also supplied jet fuel for Turkish Airlines and other
clients at many prominent overseas airports, including
Amsterdam, Manchester, Copenhagen, Brussels
and Milan.
POAir introduced an electronic ticketing system for
refueling operations in planes, through an innovation
in the technological infrastructure around the end
of 2009. The delivery receipts, which were formerly
prepared manually, are transferred to the electronic
medium. A significant amount of time will be saved
once integration with the system is accomplished.
ANNUAl rePort ‘09
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marine sales
Developments in the marine sector
The global crisis that emerged in the last quarter of
2008 and dominated 2009 led to a big contraction
in especially dry cargo and container transportation
due to the decline in international trade, and a drop
of around 80% was recorded in freight rates. The
change in the Baltic Dry Index (BDI), which is one
of the clearest indicators of dry cargo freight rates
around the world, was an evident sign of the crisis in
marine trade. BDI was at its peak in mid-2008 with
12,000 points; with the crisis it dropped by around
94% and fell to 663 points. Throughout the year the
BDI average stood at a level which was 40% under
2008, and did not rise over 5,000 points.
Marine transportation was severely hit by the crisis
and the transit fuel market contracted by 20%. Parallel
to the global economic growth, positive developments
are expected to occur in 2010; however, real
recovery is expected to occur no sooner than the
third quarter.
In 2009...
POMarine remained the market leader
with a 61% market share, despite the
contraction in the marine sector.
2009 operations of POMarine
POMarine is the clear leader among the companies
offering refueling services in the marine sector. PO-
Marine represents Turkey’s largest marine fuel distribution
network. Stretching along the entire Turkish
coastline from Hopa to Iskenderun, this network includes
8 terminals, 20 marine fuel vessels which are
called “barge”, 3 floating storage vessels for small
scaled customers and 6 POMarine fuel stations.
Thanks to this network, all fuel and lubricant needs
of vessels sailing under Turkish or foreign flags are
serviced in a timely fashion and with operational excellence.
POMarine provides services for approximately 4,000
customers and has registered marine fuel sales of approximately
620,000 m 3 in Turkish seas and 34,000 m 3
in international ports in 2009. Due to the contraction
in the marine sector, the sales volume was 18.85%
under 2008. However, the company maintained
its leadership in the market with this sales performance,
achieving a market share of 61% in duty-paid
products and that of 30% in export products.

New investments and future plans
Despite the negative market conditions, POMarine
followed the investment plans set for 2009 and
launched 2 fuel stations in marinas, one in Didim and
the other in Kemer, thereby reaching a total number
of 6 POMarine fuel stations. POMarine aims to increase
the total number of stations in marinas to 8 in
2010 and expects to increase its sales in the tourism
sector by 100%.
With its broad portfolio of approximately 500 clients,
POMarine seeks to further expand its transit sales
and become an internationally recognized brand in
the field. Drafting its plans for the future accordingly,
POMarine aims to renovate its entire floating vessel
fleet and become the youngest, fastest and most reliable
floating vessel fleet by 2015.
ANNUAl rePort ‘09
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6
Lubricant
operations

ANNUAl rePort ‘09
Specialized products from the expert
Petrol Ofisi’s Lubricant segment has an important part in the operations
of the Company. It has the highest lubricant production capacity
in Turkey and meets the needs of automotive, industrial and marine
sectors. Lubricant sales are conducted via 3,008 fuel stations,
distributors and direct corporate sales spread across the country.
Petrol Ofisi has the most widespread sales network for lubricants
in Turkey.
Petrol Ofisi’s customer-oriented approach reveals itself most clearly
in services related to lubricants. Among these services are Maxima
Centres that provide oil check and change services at fuel stations
in a rapid and practical way, Diagnostic Services that provide onsite
services, and oil analyses with results that can be checked via
internet.
Petrol Ofisi develops its products and keeps up with the latest technologies
with its Technology Center and regular R&D activities. Petrol
Ofisi constantly works to expand its customer portfolio in collaboration
with the leading corporations of the automotive and motor
vehicle sectors and continues to provide reliable, economical solutions
in line with customer needs.
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lubricant sales
The lubricant market
The economic crisis that spread around the world affected
the lubricant sector like any other sector and
thus, due to the decrease in demand, the sector contracted.
Petrol Ofisi produced 69,938 tonnes of lubricant
in 2009. Sales totalled 71,804 tonnes, of which
11,688 tonnes were exported. Petrol Ofisi achieved
a 21.7% market share in the market which shrank by
9% in 2009 as compared to 2008.
Petrol Ofisi conducts its retail sales primarily via its
retail network consisting of 3,008 gas stations and
30 wholesale distributors. Petrol Ofisi also provides
direct sales to public institutions and private companies
as well as authorized automobile service stations.
In 2009...
Diverse product portfolio
The demand is increasing for synthetic and semisynthetic
products in passenger and commercial categories
of the vehicle market. In the industrial field,
although the market structure generally remains the
same, there is a demand for specialized products. In
addition to standard performance criteria, vehicle
and machinery manufacturers demand additional
specifications for their requirements. Petrol Ofisi undertakes
the necessary work to meet these requirements
and gives advice to consumers in this respect.
The company provides its customers with a diverse
product portfolio that has 330 different selections
including engine oils, industrial oils, greases and antifreezes.
The product portfolio of Petrol Ofisi expanded
even further by the addition of “maxima Auto
LPG 10W-40” targeting new generation LPG
vehicles, “maximoto 5W-40 Scooter” targeting
scooters, and AdBlue ® .

New products
In 2009, Petrol Ofisi launched its “maxima Auto LPG
10W-40” product that targets new-generation LPGpowered
vehicles. Maxima Auto LPG 10W-40, manufactured
with the “smart oil” technology developed
by Petrol Ofisi, prevents overheating and provides
maximum protection from friction and corrosion.
The product thus prolongs engine life, saves fuel, and
reduces maintenance costs by extending oil change
intervals.
ANNUAl rePort ‘09
One of the products launched by Petrol Ofisi in 2009
is the chemical AdBlue®, which is developed for
the increasingly popular SCR-equipped (Selective
Catalytic Reduction) diesel-engine vehicles. AdBlue®
transforms the nitrogen oxides in exhaust gases into
water vapor and harmless nitrogen, enhances engine
performance and prolongs the life of SCR systems.
The product is sold in 18 liter packaging through
Petrol Ofisi fuel stations, widespread distribution
network and direct sales to the fleets.
Along with that, in 2009, the maximoto motorcycle
product family expanded with “maximoto 5W-40
Scooter” product developed for scooter motorcycles.
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Collaboration with manufacturers
Petrol Ofisi puts great emphasis on ensuring its
products to meet the expectations and standards of
vehicle and engine manufacturers and thus works in
close cooperation with OEMs (Original Equipment
Manufacturer). In 2009, the Company won the approval
of Ford, GM, Mercedes Benz, Hyundai, Renault,
Volvo and other leading OEMs for its maxima
engine oil product family for use in passenger vehicles,
and MAXIMUS diesel engine oil product family
for use in heavy vehicles.
Moreover, during the year, agreements concerning
lubricant supply have been signed with a number
of authorized service stations affiliated with various
OEMs.
Among the long-standing companies of the Turkish
automotive sector, the commercial vehicle manufacturer
Karsan chose Petrol Ofisi branded lubricants
for the authorized service stations of its products
Karsan J9 and Hyundai Truck HD Series. In line with
the agreement, Karsan Pazarlama Inc. has started to
supply Petrol Ofisi branded lubricants at all of its authorized
service stations.
In 2009...
The number of Maxima centers offering
vehicle owners a 15-minute oil check and
change service increased to 142.
In the same year, an agreement was reached with
Ford Otosan concerning the Transit and Transit Connect
vehicles. 100,000 vehicles are planned to be
produced annually at the Gölcük factory. Petrol Ofisi
will provide first-fill service for the hydraulic power
steering of Transit and Transit Connect vehicles. According
to the same agreement, the said product will
be sold in one liter plastic packaging through Ford’s
authorized station network. The product will have
the brand name “FMY” created exclusively for Ford
Otosan.
The first-fill lubricant agreement between MAN
Türkiye Inc. and Petrol Ofisi has continued for the last
10 years along with the use of Petrol Ofisi lubricants
in MAN Turkey’s 11 contracted authorized service
stations across the country. With the agreement signed
in 2009, Petrol Ofisi branded engine oil, differential
oil and gearbox oil are being offered to customers in
the three and five-year extended warranty packages
during the sale of MAN vehicles. Moreover, as part of
the collaboration between two companies, Petrol Ofisi
organized trainings on advanced driving techniques
for customers of authorized service stations and
heavy vehicle drivers of MAN vehicles. Drivers who
successfully completed their training received training
certificates approved by the Automotive Sports
Federation of Turkey (TOSFED).

Sales support activities
Between August and October 2009, Petrol Ofisi lubricant
team visited 430 stores including retail stores,
service stations and garages in 25 industrial sites in
Istanbul with their specially designed vehicle. During
these visits, Petrol Ofisi products maxima and MAXI-
MUS, which are manufactured with smart oil technology,
were introduced and attention was drawn
to high technology products 0W-30, maxima Diesel
LA 5W-30, maxima Diesel 5W-40, MAXIMUS Diesel
10W-40 and MAXIMUS Turbo Diesel Extra 15W-40.
In addition, dinners were organized for participants
to enable one-to-one communication. The promotion
campaign “package collecting,” held simultaneously
with the visits, also proved highly popular.
Denizbank is one the leading private banks which
financially supports the agriculture sector in Turkey.
The collaboration between Denizbank and Petrol
Ofisi started in 2006 with the introduction of
“Üretici Card” (Producer Card) specially developed
by Denizbank for farmers, and this collaboration
continued developing in 2009. In this context,
Petrol Ofisi included its lubricant products with
“zero interest & five-month term” advantage for
customers who purchase oil from contracted Petrol
Ofisi gas stations.
ANNUAl rePort ‘09
Maxima engine oil change centres
The operations within the framework of the Maxima
engine oil change centres project, which was
launched in line with Petrol Ofisi’s customer-oriented
approach, continued to expand in 2009. Maxima
Centres aim to provide oil check and change services
at fuel stations, and offer the vehicle owners
a quick, 15-minute oil check and change service in
a clean and comfortable environment. The number
of Maxima Centres went up to 142 in 28 provinces
in 2009. These centres are operated by professional
personnel trained in the required technical and marketing
skills.
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Sector activities
As of 2009, Petrol Ofisi has restructured its lubricant
organization in a customer-oriented way and in line
with the demands and needs of its business partners.
In this framework, Petrol Ofisi established “the
transportation and construction sales” segment in
order to better meet the needs of clients operating
in transportation and construction sectors. The field
work conducted in the wake of this development resulted
in contracts signed with 53 new customers, 46
of which are from the construction sector and 7 from
the transportation sector.
Within the framework of these activities, agreements
were signed with 6 heavy equipment companies including
the Netherlands-based MAATS company
specialized in the manufacturing of pipeline construction
equipment. Petrol Ofisi branded lubricants
will be used and/or recommended at the authorized
service stations of these 6 companies.
Additionally, in order to meet the special needs of
transportation and construction segment customers,
Petrol Ofisi created a special service called “360
Degrees Service Package.” Petrol Ofisi Lubricant aims
to be the product provider and the closest solution
partner for its customers, and the “360 Degrees Service
Package” provides its customers with a large
variety of solutions like early warning laboratory services,
technical field engineering services, safe and
economical driving trainings and satellite vehicle
tracking systems. These services include early diagnosis
of problems by analysing oil samples sent by
clients, the training of personnel responsible for the
machine park, the reduction of operational costs by
training drivers, and determining the kilometres covered
and hours worked by monitoring vehicle fleets
via satellite. These services are also supported by
the most advanced reporting systems that provide
automatic tracking and notification.
In 2009...
The “360 Degrees Service
Package” was launched
to solve all customer
problems and to meet
special demands related
to lubricants.

Industrial sales
In 2009, with the economic crisis, the contraction of
markets caused a decrease in industrial production,
which in turn resulted in a drastic decrease in lubricant
consumption. Despite all the hardship caused
by the global economic crisis, Petrol Ofisi Industrial
Sales unit succeeded in signing periodical or longterm
supply agreements with major industrial companies
that operate in various sectors such as automotive,
iron and steel, agriculture and construction
materials. Among these companies are Standard
Profil Otomotiv Inc, Tarım Kredi Kooperatifleri Genel
Müdürlüğü, Ekinciler Demir Çelik Inc., Türk Pirelli
Lastikleri Inc., Coşkunöz Holding Inc., MMK Atakaş
Metalurji Inc., Türkiye Kömür İşletmeleri Güney Ege
Linyitleri Müessese Müdürlüğü, Kütahya Seramik Inc.
and Eczacıbaşı Yapı Gereçleri Inc.
Petrol Ofisi has several objectives for industrial sales
such as decreasing operational costs by increasing
productivity, as well as meeting environmental safety
and human health criteria. Furthermore, the company
puts emphasis not only on the development and
further enhancement of products to meet the needs
of industrial companies, but also on providing them
with necessary services during product use. Petrol
Ofisi constantly works to develop its product portfolio
to meet the requirements of end users in every
sector where lubricants, greases and antifreezes are
consumed.
Export activities
ANNUAl rePort ‘09
In 2009, even though the global crisis caused a contraction
in the export sector, Petrol Ofisi continued to
successfully conduct its overseas sales and exported
11,688 tonnes of lubricants to 22 different countries
including Azerbaijan, Libya, Georgia and the TRNC as
its main export countries. Kazakhstan, Lebanon and
Iran were the new markets that Petrol Ofisi entered,
and initial contacts have been established with Egypt,
Syria and Algeria, where negotiations are under way.
In 2009, Maxima Centres were opened in two cities
–Girne and Magosa– in the TRNC.
The increase in overseas operations of the leading
construction companies in Turkey creates a major
opportunity for Petrol Ofisi lubricants in export
markets. Through centrally conducted meetings, the
company continues its efforts to start supply operations
for its customers in these areas as well.
PETROM, a subsidiary of OMV, has ceased production
of its own lubricants and started sourcing its
entire product range from Petrol Ofisi in 2008, and
this collaboration continued in 2009. Petrol Ofisi
also produces the lubricants for OMV’s sub-brand
AVANTI.
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production and R&D
Production plants
Petrol Ofisi made a strategic decision towards the
end of 2008 to close down the Aliağa Lubricant Factory
and implemented this plan in January 2009 and
concentrated all its production activities at the Derince
Lubricant Factory. With a production capacity of
140,000 tonnes/year, the Derince factory produces
automotive oils, industrial oils, antifreezes, hydraulic
brake oils and greases. Considerable number of
infrastructure investments took place at the Derince
factory in 2009. The closing down of the Aliağa Factory
decreased the operational costs of the company
and resulted in more efficient use of sources,
as well as increasing Petrol Ofisi’s competitiveness in
the lubricant sector. Moreover, by implementing the
project for the local production of synthetic engine
oil in 2009, the company gained a considerable cost
advantage and this development strengthened its
position in the market of synthetic products.
Technology Centre
In 2007 Petrol Ofisi inaugurated the Petrol Ofisi Technology
Centre (POTEM), developed through new investments,
with the aim of increasing the quality and
the variety of the Company’s products against greater
competition, providing higher quality products
to the market, meeting the expectations of clients
and utilizing the latest technologies. In 2009 POTEM
continued to work for developing new products and
enhancing existing ones. With an indoor area of
1,200 m 2 , sophisticated equipment and specialized
personnel, POTEM has a leading role in Turkey and
its neighbouring region in R&D in the lubricant and
fuel sectors.
POTEM meets the internal needs of Petrol Ofisi and
also provides services for other clients with its R&D
activities and product tests. The Technology Centre
has been awarded the first and most wide-ranging
accreditation certificate in the sector, the TS EN ISO/
IEC 17025:2005. All activities in POTEM are in line
with ISO 9001:2008, TS ISO 16949:2009, OHSAS
18001 and ISO 14001 standards. As an independent
laboratory, the Technology Centre conducts tests required
by TSE (Turkish Standards Institute) certification
procedures.

technical services
POLA ® in-use oil analysis
Aimed primarily at corporate clients, fleet owner logistical
companies and the marine sector, Petrol Ofisi
Laboratory Analysis (POLA ® ) was established in 2002
in order to provide analysis for in-use lubricants.
An advanced analysis of oil samples taken from vehicles
determines the oil’s chemical and physical status,
measures the type and the amount of internal
and external pollutants and friction elements, and
provides important information about the engine’s
condition. POLA ® decreases costs considerably by
extending oil change intervals and determining malfunctions
in equipments in advance.
Since 2006, POLA ® has been functioning as an Internet-based
service that provides customers with
password-protected instant online access to their
oil test results. Approximately 4,500 POLA ® reports
were submitted in 2009, bringing the total number
of reports to 29,000 since service start-up.
In 2009...
Petrol Ofisi concentrated all its lubricant
production at the Derince factory in
order to increase operational efficiency.
Diagnostic services
ANNUAl rePort ‘09
Petrol Ofisi lubricant clients are periodically visited
within the scope of “Diagnostic Services,” which provides
on-site analysis and problem-solving services
to corporate clients. The services were continued
and stepped up in 2009 and 80 clients were visited
on-site, bringing the total number of client visits to
2,500 since service start-up.
Lubricant trainings
Launched in 2001 as a social responsibility project,
the “Training Truck” provides lubricant trainings
by specialists to a large audience including participants
from industrial sites, factories, vocational high
schools and universities. In 2009, the activities continued
with the training of over 600 technical personnel,
bringing the total number of persons trained
to over 100,000 nationwide.
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7
Supply chain
management

ANNUAl rePort ‘09
Well-organized, safe, environment-friendly
As the biggest fuel distribution company of Turkey, Petrol Ofisi manages
a gigantic supply chain, and the efficiency of this management
ensures its operational success. The main priorities of Petrol Ofisi’s
supply chain management is to carry out the supply chain management
activities in a timely and cost-efficient way that respects the
environment, and is consistent with the international standards and
legislations, quality guarantees and technical safety regulations.
These activities include supplying petroleum products and additives
from local and international sources, transporting them to POAŞ
terminals, and storing them before their final destinations.
Always aiming to provide its customers with the highest quality
products, Petrol Ofisi creates special safety and regulation mechanisms
for all the links that make up the supply chain, and ensures
that the high-quality fuels reach the end-customer in prime condition.
With this aim, Petrol Ofisi benefits from the latest technologies
at the highest level and supports its strategies with its logistical
infrastructure by creating a sustainable supply chain.
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product supply and storage
The first link in the chain: Supply
Petrol Ofisi sources all fuel products it distributes
in the local market from TÜPRAŞ refineries or imports
them from Russia, Ukraine, Greece, Italy, Malta,
Georgia, the Netherlands, Latvia and France. In
2009, TÜPRAŞ purchases totalled 4,708,000 tonnes.
Of this amount, 3,859,000 tonnes consisted of white
products and 849,000 tonnes of black products. Petroleum
product imports in 2009 totalled 2,224,000
tonnes. Of this amount, 2,187,000 tonnes consisted
of diesel products, 32,000 tonnes of fuel oil and
5,000 tonnes of aviation fuel.
Terminals and storage
As the largest fuel distribution company of Turkey,
Petrol Ofisi has a storage capacity of about 1 million
m 3 at its 10 terminals spread out across various
regions. All company terminals carry the OHSAS
18001 Occupational Health and Safety Management
System, ISO 14001 Environmental Management
System and ISO 9001:2000 Quality Management
System certificates. The quality of the stored products
is regularly monitored at 9 Petrol Ofisi terminal
laboratories, which have been accredited by the
Turkish Accreditation Agency, using procedures that
comply with EMRA’s Technical Criteria Regulations,
and the results are also reported to clients. On the
other hand, the accreditation process continues for
the Haramidere Laboratory, where the necessary
equipment was installed in 2009 in order to perform
first level analysis of marine fuels. The accreditation
procedure is expected to be completed by February
2010.
In 2009...
Petrol Ofisi sourced 4.7 million
tonnes of petroleum product from
TÜPRAŞ and 2.2 million tonnes
from abroad, and distributed it
nationwide.

New storage investments
In 2009, for the purpose of expanding Petrol Ofisi’s
storage capabilities, numerous new investments
were made and initiatives were taken. As a result,
the Batman Terminal, which has a storage capacity
of 7,700 m 3 , was inaugurated on 29 January 2009
after EMRA issued the necessary storage licence. 6
fuel tanks were built with a total capacity of 40,000
m 3 at the Aliağa Terminal, and the project design for
the Derince Terminal fuel jetty to allow the docking
of large fuel and LPG vessels has been completed.
In addition, necessary authorizations were obtained
and the construction of two 25,000 m 3 -capacity terminals
in Yarımca and Aliağa has started. These terminals
will be used as Petrol Ofisi’s first LPG storage
and filling terminals.
In 2009, Petrol Ofisi’s most important venture to
increase the company’s storage capacity was the
250,000 m 3 -capacity fuel storage terminal that is going
to be built in Marmara Ereğlisi by Marmara Depoculuk
Hizmetleri A.Ş., of which Petrol Ofisi is a major
shareholder. For this purpose, an active 14,900 m 3
-capacity fuel storage terminal in Marmara Ereğlisi
was purchased on 7 August 2009. The terminal has
the necessary equipment and service buildings for
fuel loading and unloading, and a jetty that allows
the berthing of 50,000 dwt ships. Necessary investment
authorizations were granted and projects were
designed to increase the terminal’s fuel storage capacity
to 250,000 m 3 . The construction works, which
will start in the first months of 2010, are expected to
be completed in 2011. With this project, which aims
to handle 1,150,000 tonnes/year for Petrol Ofisi, the
company’s import capacity will increase and a significant
import advantage will be gained.
ANNUAl rePort ‘09
Improvements in aviation refueling system
At the same time, the growth in the aviation sector
compels Petrol Ofisi to expand its fuel supply units.
For this purpose, a second hydrant pipeline between
the Atatürk Aviation Unit and the Atatürk Airport
was installed and the construction of new aviation
supply units in Denizli and Urfa was completed.
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transportation activities
Marine transportation
The marine fleet occupies an important place in Petrol
Ofisi’s product supply operations. In 2009, with
the T/C (time charter) marine fleet, 3.9 million tonnes
of fuel were transported within Turkey. In addition,
30,000 dwt vessels were used to import 800,000
tonnes of products from overseas supply sources to
Petrol Ofisi terminals. In 2009, the T/C marine fleet
traversed 580,000 nautical miles in total. This distance
is enough to go around the world 27 times.
Petrol Ofisi marine transports are operated in accordance
with HSE (Health, Safety and Environmental
Protection) criteria, local and international rules
and marine regulations. As part of Petrol Ofisi’s
“Vessel Vetting System,” all fuel-carrying marine
vessels undergo detailed control procedures before
loading at ports.
In 2009...
Road transportation
Petrol Ofisi transported 2.75 million tonnes of
products through its road transport operations
carried out in accordance with international
standards.
Petrol Ofisi has two criteria for nationwide distribution
of products. The first is to transport products
with due consideration for safety and environmental
factors, and the second is to ensure that the transportation
quality chain remains unbroken. For both
criteria, Petrol Ofisi operates in accordance with international
standards and makes special investments
in this respect.
DDS (Direct Fuel Delivery System) ensures that Petrol
Ofisi fuels reach the end customer without being
contaminated with other products and the remains
of the products that were transported previously. A
fleet of the state-of-the-art road tankers are used in
fuel transports to fuel stations, which are driven by
operators who have requisite driving and operational
training. In 2009, more than 500,000 m 3 of fuels
were transported via the DDS system.

Safe transportation with special vehicles
Petrol Ofisi also operates a specially designed fleet in
order to distribute LPG (Liquid Petroleum Gas) and
LNG (Liquid Natural Gas) to fuel stations. All LPG and
LNG transports are conducted by personnel with the
requisite driving and operational training. In 2009,
more than 300,000 tonnes of LPG, more than 70,000
tonnes of LNG and more than 600,000 tonnes of Jet
A-1 fuel were transported.
The Company also operates a dedicated fleet of
road tankers for the transport of Jet A-1 fuel to Petrol
Ofisi’s Aviation Supply Units. Lubricants are also
supplied in bulk or packaged form according to client
requirements and are transported via road tankers
or trucks.
Safety first
ANNUAl rePort ‘09
In 2009, Petrol Ofisi transported close to 2,750,000
tonnes of products, including the transports to terminals
and the deliveries of commercial and corporate
clients. The increase in the company’s rate of
operations has also meant an increase in responsibilities
about rules and regulations. Petrol Ofisi’s top
priority is the protection of the environment and human
health in each link of the supply chain. For this
reason, Petrol Ofisi has adopted and started implementing
ADR principles (The European Agreement
concerning the International Transportation of Dangerous
Goods by Road). In addition, an independent
auditing company has been contracted to carry out
regular tests on the suitability and adequacy of all
vehicles in the road transport fleet as well as of the
vocational and operational competencies of all drivers
in terms of safety and environmental protection
standards.
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8
Energy
investments

ANNUAl rePort ‘09
On the way to become a regional power
Along with its goals to strengthen the position and sustain the leadership
in its operational areas, Turkey’s largest fuel distribution company
Petrol Ofisi shapes its future plans and investments according
to its vision of becoming an integrated energy company and carrying
the company’s activities outside Turkey in order to become a
regional power. To reach this target, Petrol Ofisi continuously keeps
up with the developments and tracks the opportunities in the energy
field.
Turkey is an energy corridor between the countries that produce
energy in the East and the ones that consume it in the West. Along
with the advantages offered by Turkey’s geographical position, the
government’s interest in energy policies as part of state policy makes
this sector an attractive investment area for the private sector. Until
2002, 4 companies were working in the exploration and production
sector; in 2009 this number increased to 24, an indicator of the rising
interest of Turkey’s private sector in this field.
Petrol Ofisi gradually becomes an integrated regional energy company.
Through this vision, it founded Petrol Ofisi Akdeniz Rafinerisi
Sanayi ve Ticaret Inc. and Petrol Ofisi Arama Üretim Sanayi ve Ticaret
Inc. in order to operate in the refinery and exploration-production
sectors which add value to vertically integrated energy companies.
Petrol Ofisi works with the vision that involves exploring Turkey’s
petroleum potential as well as becoming the leading private sector
company in the region and in the field of domestic and international
petroleum-natural gas exploration and production. By creating a
balanced petroleum and natural gas portfolio, the company aims to
become a regional power that uses the latest technology in a creative
way and operates according to international standards.
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natural gas production
Creating opportunities out of the crisis
The strong turbulences in petroleum prices that
started in 2008, the decrease in consumption and
the financial-economic stagnation led the companies
operating in the petroleum and gas sector to
reconsider their investment strategies in 2009. The
consumption based on fossil fuel decreased by 1.75
million barrels on a worldwide level except in the
People’s Republic of China.
Except for countries such as China and India, where
economic growth continued, natural gas production
has declined on a global scale as a result of the decrease
in the industrial consumption in 2009. Nevertheless,
these developments have not stopped the
companies on their investments, especially for those
that are willing to create opportunities out of the
crisis in 2010 and afterwards with the rise of energy
prices, companies continuing to invest in the energy
sector are aiming to increase their profits.
The petroleum-natural gas exploration
sector in Turkey
In terms of its petroleum and natural gas resources,
Turkey can be regarded as an “unexplored” country.
According to the latest data, Turkey has 39.4 million
tonnes of oil reserves and 6.1 billion standard m 3
natural gas reserves. However, the exploration rate
in onshore is only 20%. This rate is merely 1% for offshore
exploration.
Turkey, with a rapidly growing industry and a rising
population, is unable to meet its demands for
energy. Thus, its economy is largely dependent on
the imports since total domestic production of oil
and gas can only meet 8% and 2% of the demand,
respectively. Petroleum and natural gas have the
largest share in the energy consumption with 63%.
Natural gas comprises 32% of this, but its share is
increasing everyday along with the spread of natural
gas consumption.
There has been a considerable growth in Turkey’s
natural gas production between 2002 and 2008. The
total production, which was 378 million standard m 3
in 2002, reached a level of 1,013 million standard
m 3 in 2008. On the other hand, this figure declined
to 715 million standard m 3 in 2009. Nevertheless, as
a reliable and effective energy source, natural gas
has great potential to meet the increasing demand
in Turkey. Moreover, natural gas is preferred among
fossil fuels because of its low carbon concentration.

Petrol Ofisi’s investment for natural
gas exploration
In line with Petrol Ofisi’s vertical integration strategy,
the company’s interest in exploration and production
projects led to their first tangible result in 2009
and the company bought the shares of Toreador for
55 million US dollars in the project covering both the
natural gas production facilities on the outskirts of
Akçakoca and the additional exploration licences.
Following the requisite approval by the Energy and
Natural Resources Ministry of Turkey, 26.75% of Toreador’s
shares were transferred to Petrol Ofisi Arama
Üretim Sanayi ve Ticaret Inc. The share transfer
was completed in March 2009 after official approvals
had been granted.
In 2009...
Petrol Ofisi invested 55 million
dollars in the Akçakoca natural
gas production area, thus
becoming the second biggest
partner of the project.
ANNUAl rePort ‘09
The said investment, as an important milestone
which signifies a new beginning for Petrol Ofisi,
makes the company the second largest shareholder
after TPAO (Turkish Petroleum Corporation) in the
South Akçakoca Sub Basin Project (SASB), which occupies
a major place in Turkey’s natural gas production.
The project consists of 8 natural gas exploration
licences. In the first stage of development and production
called Phase-I, 3 production platforms were
installed and natural gas production has started in
2007. As part of the second stage of the project, development
and infrastructure investments continue
in order to put another field on stream in terms of
production. A significant increase in gas production
is expected with Phase-II, which is expected to begin
production at the end of 2010.
Even though natural gas prices has declined in 2009,
the amount of gas production was higher than expected
contrary to the decreasing trend in the sector
and Petrol Ofisi Arama Üretim Sanayi ve Ticaret
Inc. reached its goals in terms of sales revenue. In
2009, the Company filed an application for wholesale
gas license to Energy Market Regulatory Authority
(EMRA). Petrol Ofisi Arama Üretim Sanayi ve Ticaret
Inc. has been granted a ten-year wholesale gas
license. In 2009, gas was discovered at two different
levels in the West Ayazlı-1 exploration well. Contrary
to the negative conditions caused by the global crisis,
Petrol Ofisi is dedicated to continue its hydrocarbon
exploration and production investments, which
occupy an important place in the company’s future
plans, in a planned and controlled manner.
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9
Corporate
values

ANNUAl rePort ‘09
A company that grows with its values
What separates one company from the others and makes it valuable
is not only the company’s commercial success, but also its
contribution to society as a result of its values. Petrol Ofisi’s top
priorities are to implement its activities in the best way and offer
the customer the best products with a supreme service, and it considers
value-driven management as one of the major responsibilities
of a sector leader.
One of these values is the company’s emphasis on human life and
the quality of life. Petrol Ofisi is committed to undertake the responsibilities
that were given to each institution and individual by
the 56th article of the Constitution: “Everyone has the right to live
in a healthy, balanced environment. It is the duty of the state and
citizens to improve the natural environment, and to prevent environmental
pollution.” The Company believes that the transportation
and fuel sectors, as indispensible parts of the economy, can add
value to sustainable environment. Petrol Ofisi conducts its activities
in accordance with this conviction.
Human resources are of critical value for Petrol Ofisi. The company
believes that the most important source for its continuity and success
are people and that it can only reach its goals together with its
own employees; thus, Petrol Ofisi believes in constant investment in
the development of human resources.
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Health, Safety, Environment (HSE)
Not just a definition, but a mindset
Petrol Ofisi conducts its activities based on Health,
Safety and Environmental Protection (HSE) principles,
and does not see these principles merely as legal
responsibility or as requirements of competition,
but embraces them as the company’s philosophy,
which includes the creation of a safer and healthier
workspace for employees, business partners and
customers, and taking precautions in order to minimize
the effect of its activities on the environment.
Besides the natural risks that come due to operating
in the fuel distribution sector, the Company’s special
care on these issues gives Petrol Ofisi important responsibilities:
•
•
•
To make effective, economical and clean use of
all natural and energy sources;
To inform its employees, dealers, suppliers and
contractors about health, safety and environmental
protection, and to always provide training;
To take into consideration suggestions, complaints
and demands of customers, employees,
suppliers, competitors, neighbouring companies
and institutions that oversee public interest, in
order to increase the company’s performance
concerning health, safety and protection of the
environment.
The leading company of its sector in Turkey, Petrol
Ofisi fully embraces its responsibilities and continues
its leadership in this area as well.
Complete responsibility from top to bottom
Petrol Ofisi assumes complete responsibility in
monitoring all measures related to the prevention
of work-accidents concerning all its employees, the
personnel of subcontractors working at Petrol Ofisi
sites and the staff working at fuel stations, along with
and environmental pollution, and regards all precautionary
measures in this area to be implemented as a
whole, including everyone from the highest level to
the bottom. For this reason, the Health, Safety and
Environmental Protection Department strives to ensure
a preventive approach at all levels of company
activities by raising HSE awareness within the Petrol
Ofisi organization.
Certain preventive systems of universal standards
based on risk assessment have been installed at Petrol
Ofisi in an effort to monitor occupational health,
safety and environmental protection, and to improve
the performances in these areas. Risk assessment,
participation, training, informing of personnel, ensuring
of specialist participation in training sessions,
protection-prevention approach and emergency
arrangements are among the main topics covered
within this framework. Systems are regularly monitored
and action is taken to remedy any shortcomings.
Using “near-miss” and “hazard notification”
forms, all actions are monitored electronically using
QDMS (Quality Document Management System).

Environmentalist also with its products
Petrol Ofisi understands that the concept “global
warming” gives critical responsibilities to the fuel
sector as well, and takes real and effective measures
towards fulfilling the environmental compliance of
its products to the maximum degree. For instance,
in preventing the energy loss resulting from friction
due to additives, the unleaded gasoline V/Max yields
significant fuel economy and decreases the overall
carbon dioxide emissions.
Consistent with the European standards, V/Max
EuroDizel has a low sulphur ratio. V/Max EuroDizel
10, on the other hand, is the unleaded gasoline with
the lowest sulphur level. Another one of the Petrol
Ofisi products aiming to meet Euro-5 standards is the
additive AdBlue ® , which transforms nitrogen oxides
in the exhaust gas in diesel-engine vehicles featuring
the SCR (Selective Catalytic Reduction) system, into
water vapor and harmless nitrogen. Petrol Ofisi
constantly works to improve the environmental
performances of its products.
In 2009...
HSE investments
ANNUAl rePort ‘09
Petrol Ofisi continues its investments in order to turn
the challenging HSE criteria it has adopted into concrete
steps. The company completed the tank farm
rehabilitations and infrastructure projects carried
out since 2000 in its terminals, made an investment
of 50 million US dollars to minimize environmental
risks related with fuel storage, and spent 15 million
US dollars on the renewal of all its underwater fuel
pipelines. Furthermore, in order to minimize emissions
resulting from loading operations, one bottom
loading gantry has been constructed in every terminal.
Thanks to this investment, unintended spills are
prevented, and volatile organic vapor emissions and
fire risks are reduced. Lastly, during 2009, industrial
wastewater treatment plants in the Haramidere and
İskenderun Terminals were renewed through an investment
of 1 million US dollars.
In addition to these investments, oil spill equipments
were bought to respond to possible spills,
waste management systems were installed and legal
permissions were obtained. In 2004, preparations to
install the ISO 14001 Environmental Management
System and OHSAS 18001 Occupational Health and
Safety Management System in all terminals began,
and in 2005 fuel terminals and the lubricant factory
were certified by BSI (British Standards Institution).
Finally The Batman Terminal, active since 2009, was
included in the Integrated Management System and
was certified again by BSI.
Petrol Ofisi not only offered environment-friendly
new products, it also renewed the refinery
systems at Haramidere and İskenderun terminals,
thus continuing to pursue its dedication to
environmental protection.
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HSE activities in 2009
Along routine legal requirements, and within the
framework of the Health, Security and Environmental
Protection Policy summarized above, Petrol
Ofisi carried on with its awareness-raising activities
throughout 2009. Among the HSE activities, personnel
training occupied an important place. HSE trainings
were held in all enterprises affiliated with Petrol
Ofisi and at the Headquarters in accordance with the
annual plans, and these programs were attended
not only by the Petrol Ofisi personnel but also by the
staff of subcontractors. During 2009, HSE training
was given under 37 different headings for a total of
14,970 man-hours and an average of 7.5 hours per
person by specialists from the HSE management, the
plant management and from outside the company.
Furthermore, an “HSE manual” for the station personnel
has also been published and distributed.
Throughout the year, audits on HSE implementations
were carried out intensively. During 2009, HSE audits
have been conducted in 2,970 stations by field managers
and in 1,066 stations by contracting companies.
Furthermore, in 47 facilities comprising of terminals,
lubricant factory and air supply units, 2,072
HSE audits were conducted by plant management.
In all aviation units with emission licenses, emission
verification measurements were performed, and the
results were reported to the Provincial Directorate
of Environment and Forestry.
Furthermore, during 2009, 155 Fire Fighting and
Evacuation Drills in 48 locations including the building
of Headquarters, and 11 Oill Spill Drills in 9 coastal
plants were organized.
In 2009...
Legal measures
Inspections of HSE training and
applications continued intensively.
•
Under the scope of Law 5312 on “the Principles
of Emergency Intervention and Compensation
of Damage in Cases of Polluting of the Sea Coast
by Oil and Other Hazardous Substances” published
by the Marine Under-secretariat within
the framework of the circular entitled “Methods
and Principles on the Training Seminars and
Operation Programmes for the Preparation and
Intervention on Pollution from Oil and Other
Hazardous Substances”, first and second level
training seminars were held for 118 personnel
in groups of 11 between 27 October 2009 and
18 December 2009, to enable them to intervene
in cases of emergency where oil spills and
other hazardous substances cause coastal sea
pollution.

•
•
•
As part of the EU integration process, and with
the aim of forming a mechanism of auto-controlled
inspection and environment management
to be established by sector-specific actors,
two separate regulations were published by the
Ministry of Environment and Forestry: “Regulation
on Environmental Inspection” dated 21 November
2008, and “Regulation on Permits and
Licenses Imposed by the Environment Act” dated
24 April 2009. As part of these regulations,
9 Petrol Ofisi employees attended the “Environment
Officer Training Programs” organized by
the Ministry of Environment and Forestry.
The “Regulation on Control of Air Pollution Arising
from Industry” (SKHKKY) has come into force
on 3 July 2009, and accordingly emission levels
are now being measured in all terminals. For the
Derince Terminal, an emission license has been
obtained in accordance with SKHKKY.
In accordance with the Sea Terminals Operating
Permits and on grounds of “Regulation Regarding
the Amendment of Regulation on the Methods
and Principles of Granting Permission for
the Sea Terminals”, as of 1 July 2009, the leasing
processes of all Petrol Ofisi terminals have reverted
to the National Estate General Directorate,
waiting to be approved by the Ministry of
Finance. Three months of leasing auction process
will be finalized by the granting of the permission
by the Ministry of Finance, after which a
temporary operating permit will be requested.
ANNUAl rePort ‘09
Permissions and certificates received
In 2009:
•
•
•
•
•
•
Discharge licenses were renewed for the Antalya,
Haramidere and İskenderun Terminals;
Emission licenses were renewed for the Kırıkkale
Terminal and received for the Haramidere Terminal;
Operating certificate for the Derince Terminal
was renewed, EIA request has been filed with
the Ministry of Environment and Forestry to increase
the capacity of the jetty;
EIA Affirmative Paper for the Yarımca LPG Plant
has been granted;
The Aliağa Terminal Sea Terminal Risk Assessment
and Oil Spill Response Plan has been approved;
Batman Terminal has been certified to be included
within the ISO 9001, ISO 14001 and OH-
SAS 18001 Integrated Management System.
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human resources
Our most valuable asset is our
employees
Considering its employees as its most valuable resource
that has a direct effect on the efficiency of its
all other resources, Petrol Ofisi constructs a reliable
and sustainable relationship with its employees, defining
it as an area that requires constant development
and improvement. At the foundation of the
company’s human resource policy lies the aim to
develop the systems and processes that will turn its
employees into an open-minded, creative, customer-oriented,
environmentally sensitive and dynamic
team that is able to manage change and produce
added value, and that will maximize the productivity
of this team.
In 2009...
The goal is to become the company
of preference
In order to support individual development
plans and to enhance capabilities, Petrol Ofisi
employees were given a total of 3,592 man/day
training.
Petrol Ofisi takes on a process-oriented approach in
its human resources, following its own unique models
in recruitment, training, performance assessment
and salary cap management. One of the aims of the
currently implemented “Integrated Human Resource
Model” is to turn Petrol Ofisi into a preferred company.
Petrol Ofisi perceives one of the priority areas
of its human resource management as increasing
its productivity by attracting the best talents and by
increasing the commitment of its employees to the
company.
In order to utilize personnel competence at maximum
level, and to offer employees the opportunity to realize
their career goals within the company, it is the
company policy to fill vacancies primarily from within
the company. In cases where this is not possible,
in line with the company’s human resource policy,
special care is taken to filling positions among candidates
that value teamwork, that are open-minded,
creative, capable, dynamic, able to manage change,
eager to improve their working performance, high
on motivation and determination, advanced in communication
skills, and that embody a strategic and
visionary point of view.

A big and happy family
As of 31 December 2009, Petrol Ofisi is a big family
with a total of 1,044 employees; 601 white collar,
443 blue collar. 48% of all employees hold an
undergraduate or graduate degree. The average age
of employees is 36. Petrol Ofisi implements an efficient
Performance Management Process in order to
maintain a good synergy of this big family founded
on values of solidarity and team spirit, and in order
to improve their individual and team performances
under a corporate culture that highlights dynamism.
Accordingly, all employees are systematically assessed
based on the realization of their work targets,
their contribution to the company priorities, leadership,
taking responsibility, attitude and behaviour
appropriate to team work.
A variety of social events are organized at Petrol
Ofisi, like general meetings where company stats
are shared in order to enhance corporate culture,
strengthen team spirit, increase communication and
develop an understanding of unity among the members
of the family, or routine dinners and special celebrations
where the CEO and employees can come
together. Along these activities, employees were
encouraged in 2009 to take part in various social responsibility
projects, which were communicated to
them directly via the PO News e-bulletin.
ANNUAl rePort ‘09
The secret behind personal development
is training
As an expansion of the Training and Development
Performance Management process, Petrol Ofisi supports
the personal development plans of its employees
to help them achieve their goals, and implements
training programs that improve their capability and
management skills, which in turn lead to tangible improvements
of work results.
During 2009, a wide range of training programs including
Performance Coaching, Leadership, Sales,
Negotiation, Problem Solving and Decision Taking
Techniques, Finance for the Non-Financier, Time
Management, Customer Management and Team
Work have been implemented in order to improve
the occupational and behavioural competencies of
employees, and to support the company’s HSE policies.
Throughout the year, training programs have
amounted to 3,592 man/day, of which 1,767 man/
day consisted of in-house training.
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10
Brand
communications

ANNUAl rePort ‘09
One of the strongest brands in Turkey
In the fuel sector, where maintaining customer trust is an important
criterion for preference, branding is of utmost importance. One of
Petrol Ofisi’s top priorities is to strengthen its brand image. For this
purpose, Petrol Ofisi aims to have an effective two-way communication
with all segments of society, and develops its communication
strategy to highlight its leadership, its pioneering position in using
the latest technology and its corporate values. Increasing brand
awareness, brand preference and loyalty, strengthening the company’s
bonds with customer segments and focusing on consumer
needs are the most important criteria for Petrol Ofisi’s communication
strategy.
On the other hand, with its widest service station network in Turkey,
Petrol Ofisi supports consumers on every route, and continues to
support social development through various means, with a sense of
responsibility that stems from its deeply rooted values. Petrol Ofisi
strives to develop projects that will contribute to the sustainability
of social development, and considers it a requirement of being
a corporate citizen to make investments for the future through its
long-term collaborations.
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marketing activities
Brand perception
Petrol Ofisi shapes its marketing activities with an effort
to understand customers’ expectations through
market research and by assessing its market value
in customers’ perception. Petrol Ofisi puts the vision
of “being the best perceived brand by the customers”
at the centre of its marketing strategies. Starting
with 2009, Petrol Ofisi has decided to concentrate its
marketing activities on four areas - “product differentiation,”
“rewarding the customers,” “integrating
the company’s power through distribution” and “improving
points of sale through services and physical
conditions.” The company conducted its marketing
activities under three headings - brand communication,
sales support and customer loyalty programs.
Brand communication:
The “Way to Go” campaign
The most extensive brand communication activity
conducted in 2009 is the “Way to Go” promotion
campaign. The campaign is designed as a result of the
brand image researches conducted at the end of 2008.
The campaign, which was launched in April 2009 with
an intensive communication plan, defines the areas of
development and not only underlines the power, leadership
and popularity of the brand, but also aims to
strengthen connections with drivers. In the television
commercial, road stories are told; the message stresses
Petrol Ofisi’s widespread service station network
and its presence in every corner of the country which
in turn makes Petrol Ofisi the best friend of travellers.
Another issue on the 2009 agenda is the preparatory
work for the New Generation V/Max Performance
Series fuel family, which establishes the basis of the
marketing plans for 2010. Qualitative and quantitative
researches measuring consumers’ fuel consumption
behaviours and habits have been conducted during
the year, resulting in the creation of the “new generation
fuel family that meets and goes beyond of the
expectation of consumers” and a 360 o brand communication
strategy that supports the new claim of the
product family in every respect.
As part of the most important factors that determine
Petrol Ofisi brand perception, the physical and service
standards of the stations are assessed through
mystery shopper researches conducted throughout
the year. As a result of these researches, actions have
been taken to improve shortcomings.

Sales development: Promotion
campaigns
In 2009, sales activities were conducted more intensively
and diversely than previous years, and 6 different
general sales promotions and 2 LPG special sales
promotions were held. During the said promotion
campaigns, drivers have been rewarded with various
gifts. The largest campaign was conducted between
November and December 2009 as a year end
promotion campaign, where drivers who purchased
their fuel from Petrol Ofisi were rewarded daily with
prepaid phone minutes and free SMS. Automobiles
and cell phones were also awarded.
In 2009...
Customer loyalty programs
Petrol Ofisi launched the “Way to Go”
advertisement campaign to emphasize
that it is the best friend of travelers and
to strengthen its emotional ties with
consumers.
ANNUAl rePort ‘09
Petrol Ofisi’s customer loyalty programs consist of
the Automatic fleet management service developed
for corporate clients, and Positive Card that targets
individual customers. Automatic, with its extensive
customer database that reaches 140,000 vehicles,
and Positive Card, with over 2 million individual customers,
are in a privileged position when compared
to their competition in the sector.
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corporate communication activities
For a stronger Petrol Ofisi perception
Along with its leadership in the sector, Petrol Ofisi enjoys
a privileged position vis-à-vis Turkish consumers
and society, and has carried on its activities in 2009
to maintain its image and reputation in the eyes of
the Turkish public. Corporate communication activities
of Petrol Ofisi are aimed at balancing the company’s
vision, mission and goals with interactions
and feedbacks received from the outside world. Petrol
Ofisi’s organized, positive and sustainable yearly
communication program and agenda are executed
by the coordination between all business units within
the Company. Within this framework, the priority
topics of the 2009 agenda were as follows:
Media relations
Effective use of and close relations with the media
to increase the brand awareness are among the top
priorities of Petrol Ofisi’s agenda. For this purpose,
the media has been regularly informed through
press releases, and the operations and services of
work units have been introduced with special news
reports throughout 2009. Priority was given to news
from the sector to include Petrol Ofisi as the leading
corporation of the sector. The press conferences that
were held on our innovative products and activities
presented opportunities to meet with wide range of
media representatives. Site visits and excursions created
an opportunity for the media to closely observe
our sector and the dynamism of our social relations.
The public was informed through interviews with
top-level executives.

Internal communications
In order to accurately inform Petrol Ofisi employees
about the company’s goals and activities, periodical
internal meetings have been conducted during the
year. The internal communications magazine “Road
POst” has been published in order to share developments
and novelties with the company employees.
Dealer communication activities
Within the scope of communication activities, Petrol
Ofisi started to issue a new version of “Road POst”
for member dealers of the Petrol Ofisi family.
In 2009...
Agenda management and crisis
communications
ANNUAl rePort ‘09
Crisis communications and agenda management are
indispensible parts of communication activities. In
2009, crisis management activities were carried on
with proactive and reactive processes.
Petrol Ofisi 2009 Corporate Reputation
Research
Petrol Ofisi continued to emphasize its
communications with all its shareholders for
a stronger brand perception.
In 2009, Petrol Ofisi “Corporate Reputation Management
Research” was conducted in an extensive way
that took into consideration all the stakeholders of
Petrol Ofisi. Within the scope of the research, numerous
interviews have been held with stakeholders like
corporate managers, employees, the dealer network,
consumers and financial institutions. The research
data and the roadmap will be shared extensively in
2010 by means of a precise planning activity.
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social responsibility projects
“Heart-bond”
As one of the largest corporations in Turkey, Petrol
Ofisi, with its 3,008 fuel stations in all 81 provinces
and 850 boroughs, invests for the future by supporting
long-term social development projects. Developed
with an awareness of being a corporate citizen,
a social responsibility project was jointly undertaken
by Petrol Ofisi and Community Volunteers Foundation
(TOG), one of the leading non-governmental organizations
of Turkey, with the hope of enlightening
the future.
This cooperation, which was put into practice with
the motto “Heart-bond,” aims to create a synergy
between TOG, which carries on its activities in 56
provinces, 75 universities and 88 university clubs
with its 16 thousand young volunteers, and Petrol
Ofisi, which has social links all over the country. Encouraging
all of its employees, dealers and social
stakeholders to become a “Community Volunteer,”
Petrol Ofisi supports numerous local projects thanks
to this cooperation, contributes to youth’s self development
and helps them become active citizens in
social life.
Petrol Ofisi employees who participate in the projects
developed by TOG created a group called “Dynamo
Society Team.” This group, which volunteers
in TOG’s Guidance Project aimed at familiarizing the
youth with business life and helping them gain selfconfidence,
also contributes to the personal development
of young people. In addition, some of the
Petrol Ofisi employees play an active role in the selection
of scholarship students by being part of the
Community Volunteers Foundation’s scholarship
committee.
Since November 2008, when the cooperation between
Petrol Ofisi and TOG begun, various meetings
and workshops have been held in 16 provinces,
bringing together dealers and volunteering young
students. Throughout 2009, activities that are identified
in line with local needs that contribute to social
development have been held with the leadership of
young people and the participation of business circles.
In these activities, social responsibility projects
developed by young people were supported and the
information created will also be shared with public.

“Daddy Send Me to School”
Since 2005, Petrol Ofisi continues to support the
“Daddy Send Me to School” project, which has been
implemented under the leadership of the Milliyet
daily. Petrol Ofisi’s contribution has helped to enable
the schooling of 500 young girls. Along with that,
Petrol Ofisi employees and dealers provide support
for the schooling of 68 young girls and take initiatives
to increase the amount of support. The scope
of the project and its area of influence are expanded
by activities such as the student visits to Istanbul and
the Petrol Ofisi Headquarters, and the graduation
ceremonies.
Support for hearing-impaired children
Petrol Ofisi continues to support pre-school education
that aims integrating hearing-impaired children
into society. The said support is provided through
the Turkish Hearing and Speech Rehabilitation Foundation
(TİV) that works with 0-6 year old children
with the aim of early intervention and social rehabilitation.
In 2009...
Other projects
ANNUAl rePort ‘09
As a socially responsible corporate citizen, Petrol
Ofisi also supports other social responsibility projects
that contribute to the future. Petrol Ofisi is a
corporate member of the Corporate Volunteer Association
(ÖSGD) whose activities set an example. In
2009, as part of the “School Friend” Project, a book
reading activity aimed at the 3 rd and the 4 th graders
and the Career Seminar, which aimed to introduce
different professions to the 7 th and 8 th graders, were
held in the Poligon Neighbourhood Kâzım Karabekir
Elementary School. Petrol Ofisi employees also volunteered
in several activities including reading books
on computers to visually-impaired students, advising
woman entrepreneurs as part of the “support for
woman entrepreneurs” project, working as “Culture
Ants” instructors to increase elementary school students’
awareness on cultural issues and supporting
the “Step by Step Group”, which organizes long distance
running activities in order to collect charitable
contributions.
In addition to Petrol Ofisi Elementary Schools in Batman
and Ankara, Petrol Ofisi also supports education
by donating books, stationary and computers to
schools in need across Turkey.
Petrol Ofisi and Community Volunteers
Foundation started an extensive
cooperation with the motto “Heart-bond.”
87

88
Corporate
calendar

january
Ê Participation at the “Role of Corporate Management
in Creating Corporate Values” Conference
organized by Corporate Governance Association
of Turkey (TKYD).
Ê Promotion of Positive Card and lubricant products
in the “My Truck” magazine İzmir meeting.
V/Max Performance Series and the Quality System
were also presented.
Ê Young community volunteers who work with
the Community Volunteers Foundation (TOG)
met with Petrol Ofisi dealers in Eskişehir.
Ê A 5-year fuel and lubricant purchase agreement
was signed with the Agricultural Credit Cooperatives
General Directorate.
Ê The Aliağa lubricant factory was shut down.
Ê Three new fuel stations were opened.
february
Ê Sales Team Meeting in Antalya.
Ê Promotion of Positive Card and lubricant products
in the “My Truck” magazine Eskişehir meeting.
V/Max Performance Series and Quality System
were also presented.
Ê Announcement of the cooperation between
Petrol Ofisi and General Motors Young community
volunteers who work with the Community
Volunteers Foundation (TOG) met with Petrol
Ofisi dealers in Denizli.
Ê Announcement of Petrol Ofisi’s financial results
for the year 2008.
Ê Two new fuel stations were opened.
march
ANNUAl rePort ‘09
Ê Promotion of Positive Card and lubricant products
in the “My Truck” magazine Düzce meeting.
V/Max Performance Series and Quality System
were also presented.
Ê “Volunteering Trainings” were held by TOG for
Petrol Ofisi Community Team.
Ê Announcement of the cooperation between
Memorial Health Group and Petrol Ofisi Positive
Card users
Ê Young community volunteers who work with
the Community Volunteers Foundation (TOG)
met with Petrol Ofisi dealers in Kahramanmaraş
and Gaziantep.
Ê Dynamometer tests of our new generation additive
package developed by Alton have started
(March-December) in cooperation with Mercedes
Benz Türk and under the supervision of
TÜBİTAK. The tests are performed in order to
determine fuel economy performance.
april
Ê Our ODTÜ-graduate managers gave a presentation
during ODTÜ Career Days.
Ê The MX Motocross Championship was held in Istanbul
Hezarfen under Petrol Ofisi’s sponsorship
on 11-12 April.
Ê Promotion of Positive Card and lubricant products
in the “My Truck” magazine Mersin meeting.
V/Max Performance Series and Quality System
were also presented.
Ê Participation at the Petroleum Forum organized
by CNR EXPO.
Ê Launch of Smart oil maxima Auto LPG 10W–40
specially developed by Petrol Ofisi for LPG powered
vehicles.
Ê One new fuel station was opened.
89

90
may
Ê Announcement of the financial results for the
first quarter of the year.
Ê Our “Daddy Send Me to School” bursaries were
our guests in Istanbul between 18-20 May.
Ê Launch of AdBlue ® product, which was developed
for SCR (Selective Catalytic Reduction)
equipped vehicles with Euro 4 and Euro 5 engines.
Ê Maximoto Scooter 5W specially developed for
scooters joined the motorcycle lubricant family.
Ê A sponsorship agreement was signed between
Petrol Ofisi Lubricants and Ferco Motor, General
Distributor in Turkey of Europe’s largest and the
world’s fourth largest motorcycle producer Piaggio
& C.S.p.a. With this agreement, for all of its
motorcycle brands, Ferco Motor started to recommend
Petrol Ofisi maximoto motorcycle oil
series to its customers and to use the product in
its services.
Ê Participation in the conference of “Fuels that are
on the Market – Evaluations for TRNC and Turkey
in 2008” organized by the TRNC Agriculture
Ministry. Presentation delivered on “Petrol Ofisi
and KIPET Product Quality and Quality Chain”.
Ê Two new fuel stations were opened.
june
Ê Petrol Ofisi employees participated in the Corporate
Games under three categories.
Ê Promotion of Positive Card and lubricant products
in the “My Truck” magazine Sakarya meeting.
V/Max Performance Series and Quality System
were also presented.
Ê Announcement of the agreement between Pegasus
Airlines and Positive Card
Ê Award given to Petrol Ofisi for ranking in the
Ethical Accountability 2008 Turkey Evaluation.
Ê Marmara Region’s Dealer meeting.
Ê The production of synthetic motor oils has started
at the Derince factory.
Ê Five new fuel stations were opened.
july
Ê Participation at the Volunteer Ambassadors
Meeting of Private Sector Volunteers Associations
in Feriye.
Ê South Region’s Adana Dealer Meeting.
Ê North and South Regions’ Dealer Meetings in
Nevşehir.
Ê South Region’s Antalya Dealer Meeting.
Ê South Region’s Trabzon Dealer Meeting.
Ê Supply Chain Management met with local press
in Mersin.
Ê Some of the employees working in Mersin Terminal
volunteered in TOG’s Summer Period Project.
Ê Initiation of the Positive Card and Lubricant Integration
Project. With this project, customers
started to accumulate voucher points when
they purchase lubricants.
Ê Petrol Ofisi participated at the EMOK (Enduro
Motorcycle Club) Turkey Motorcycle Festival
with its motorcycle lubricant products, where
maximoto has been introduced to and tested by
motorcycle users.
Ê TS 16949 certification inspections were completed
with zero defects.
Ê The first two Maxima centres were opened in
TRNC.
Ê The production of Ford-approved Maxima-
5W-20 started.
Ê One new fuel station was opened.
august
Ê Petrol Ofisi Lubricant team visited 430 stores
including retail stores, service stations and garages
in 25 industrial sites in Istanbul. The Direct
Marketing and Sales Activity aimed at informing
clients about developments in Petrol Ofisi Lubricants
and introducing technological products
was initiated. The activity lasted until October.
Ê Gasoline Fuel Economy test was performed at
Afton Ashland Technical Centre.

september
Ê “Step by Step Group” visited Petrol Ofisi Management
as a guest speaker.
Ê Petrol Ofisi volunteers were trained in interview
techniques to join TOG Scholarship Committee.
Ê Sponsored by Petrol Ofisi, Euractiv.com AB news
portal celebrated its second anniversary.
Ê Two new fuel stations were opened.
october
Ê A press conference was held during the opening
of the first Maxima Change Centre in TRNC.
Ê The TOG ATAK “Cultural Heritage” project was
held in Kars with the participation of national
press and Petrol Ofisi volunteers.
Ê Sponsored by Petrol Ofisi, the İzmir Union of
Chambers of Tradesmen and Craftsmen (IACCU)
Presidents Council Meeting was held in Marmaris.
Ê Gasoline Fuel Economy and Performance tests
were performed at Tickford Powertrain Test
Centre.
Ê Six new fuel stations were opened.
november
Ê Petrol Ofisi received its second prize in Capital
500 Awards.
Ê The opening of Öz Petrol gas station in Ankara
Çayyolu
Ê “Safety Driving of Heavy Vehicle Training” organization
for the customers of MAN İstanbul Central
Branch.
Ê An agreement was signed with Wirtgen Turkey,
the leader in the road construction machines
sector. Wirtgen Turkey will use Petrol Ofisi lubricants
at its centres and recommend Petrol Ofisi
Lubricants for its purchased products.
Ê All Motor Vehicles Cooperatives Central Union
Meeting was held under the sponsorship of Petrol
Ofisi Lubricants.
ANNUAl rePort ‘09
Ê S.S. All Motor Vehicles Cooperatives Central
Union Meeting was held under the sponsorship
of Petrol Ofisi at Kemer.
Ê Diesel CEC DW-10 Power and Performance Test
were performed at Tickford Powertrain Test
Centre.
Ê One new fuel station was opened.
december
Ê Our new fuel station Titiz Petrol was opened in
Başakşehir.
Ê The authorized service oil supply agreement
was signed between Karsan, one of the oldest
companies of the Turkish automotive sector,
and Petrol Ofisi. Karsan started to use Petrol Ofisi
lubricants at its Karsan J9 and Hyundai Truck
HD Series authorized service stations where
marketing, sales and after-sales service activities
are conducted.
Ê Petrol Ofisi Lubricants were added to Denizbank’s
“Üretici Card” (Producer Card) program
specially developed for farmers.
91

92
Board of Directors and
senior management

oard of directors
Aydın Doğan
Chairman*
Born in 1936 in Kelkit, Aydın Doğan received his elementary
and secondary school education in Kelkit and completed high
school in Erzincan. He attended the İstanbul Economy and
Commerce Academy between 1956 and 1960 and started his
first private company in 1961. Engaged in wholesale trade until
1970, Mr. Doğan founded his first industrial company in 1974. In
the following years, he was elected to the Assembly and to the
Board of the İstanbul Chamber of Commerce and also served
as a board member of the Union of Chambers and Commodity
Exchanges of Turkey. Mr. Doğan started his publishing career with
the acquisition of the daily newspaper Milliyet in 1979. He further
grew his media business with the addition of the prestigious daily
Hürriyet in 1994. Mr. Doğan served as Head of the Association of
Turkish Newspaper Publishers and became the first elected Turkish
Deputy Chairman of WAN, the World Association of Newspapers,
in 2004. He established the Aydın Doğan Foundation in 1996
to coordinate the Group’s philanthropic efforts in the fields of
culture, education and social work and has been awarded Turkey’s
Supreme Service Medal in 1999.
* Aydın Doğan has resigned his positions as Chairman and Board
of Directors Member on 11 February 2010. Hanzade Doğan Boyner
has been appointed Chairwoman and Yahya Üzdiyen has been
appointed member of the Board of Directors.
Tamas Mayer
Vice Chairman**
ANNUAl rePort ‘09
Tamas Mayer holds a master’s degree from the Economic University
in Budapest. He was General Director of OMV Hungary
between 1992 and 1998, General Director of OMV Bulgaria between
1998 and 2002 and was responsible for the co-ordination
of marketing and distribution activities at OMV Romania, Bulgaria,
Serbia and Montenegro from 2003. He has worked in the
oil and gas industry since 1992 and since 2005 also serves on the
Executive Board of Petrom, an OMV subsidiary.
** Tamas Mayer has been appointed Vice Chairman to replace
Gerhard Roiss as of 17 December 2009.
93

94
board of directors
Hanzade Doğan Boyner
Member
Hanzade Doğan Boyner received a BSc
in Economics from the London School of
Economics in 1995. She started working as
a financial analyst in the Communications,
Media and Technology Group at Goldman
Sachs International, London, where she
was involved in large-scale mergers and
acquisition. In 1999, she received an MBA
in Finance and Marketing from Columbia
University and moved back to Turkey in
the same year. She launched the Internet
service provider Doğan On-Line, developing
it to become Turkey’s leading Internet
company and is currently Deputy Chairman
of Doğan Gazetecilik and Member of the
Board of Directors of Doğan Holding. Doğan
Gazetecilik is a company that publishes the
Turkish daily newspapers Milliyet, Radikal,
Posta and Fanatik that together account for
35% of the total Turkish newspaper market.
Furthermore, she also holds the position of
Vice President of the World Association of
Newspapers, is a member of the Brookings
Institute, the Turkish Industrialists’ and
Businessmen’s Association, the Foreign
Economic Relations Board, the Young
Presidents’ Organization and the Association
of Woman Entrepreneurs. Apart from her
business initiatives, she is also the founder
and leader of what is one of the country’s
most successful ‘social mobilization’ projects,
the “Daddy, Send Me to School” campaign
that aims at overcoming educational barriers
faced by young girls from underprivileged
background. Mrs. Doğan Boyner also served
as president of the jury at the Ernst & Young
“World Entrepreneur of the Year” Awards
and was named by Fortune magazine
as one of Turkey’s two most influential
businesswomen abroad.
İmre Barmanbek
Member
İmre Barmanbek, born in 1942, graduated
from Ankara University Faculty of Political
Sciences with a degree in Economics and
Finance. She started her career as an
assistant tax auditor at the Ministry of
Finance, Tax Inspectors’ Board in 1963.
Subsequently, she worked as a planning
specialist at the State Planning Organization
(SPO). After a successful year with the SPO,
she returned to her post at the Ministry of
Finance Tax Inspectors’ Board, where she
worked until 1975. In 1977, she started
working as Financial Director of Doğuş Akü,
a joint venture between Koç Holding and
Doğan Holding, and subsequently served
as its General Manager. Mrs. Barmanbek
later served as Financial Coordinator of the
Doğan Group, where she was appointed CFO
in 1988, CEO and Executive Board Member
in 1999. Since 2003, she has been Deputy
Chairperson of the Board of Directors and
Member of the Executive Board at Doğan
Holding, while also serving as a Member
of the Board of Directors of various group
companies. Mrs. Barmanbek has been
named one of the world’s most powerful
women in business by Fortune magazine.
Mehmet Ergun Kuran
Member
Born in 1955, Mehmet Ergun Kuran
completed his high school education at
Liverpool College in England and graduated
from Manchester University, Department
of Engineering in 1978. In 1980, he received
training in geophysical engineering at
Schlumberger Technical Services in Medan,
Indonesia. Mr. Kuran assumed various
positions with respect to petroleum
operations at Schlumberger in Central Asia
and the Far East until 1994. Between 1994
and 1999, he served as General Manager
and Chairman of the Board of Directors
at TÜPRAŞ Türkiye Petrol Rafinerileri A.Ş.
Between 2000 and 2006 he was General
Manager of the Demirören Group of
Companies and served as Member of the
Board of Directors at Demal A.Ş.

Manfred Leitner
Member
Born in 1960, Manfred Leitner graduated
from the Vienna University of Economics
and Business Administration with a degree
in Commercial Sciences. He joined the OMV
Group’s Foreign Operations Department
where he held several posts, including
Finance Manager for Libya, Quality Manager
of Exploration and Production Projects,
Chief Financial Analyst and Chief Controller
in Charge of Exploration and Production,
Head of the Controlling Department and
Head of Production and Supply Planning
and Controlling in Refining and Marketing.
Mr. Leitner has been Senior Vice President
responsible for downstream optimization
and supply since 2003.
Daniel Turnheim
Member***
Born in 1975, Mr. Turnheim studied Business
Administration at the University of Vienna.
In 1999 he started his career as a business
analyst at Artesyn technologies, a public
quoted US technology and communication
company. In 2002 he joined OMV group
where he held several posts including head
of controlling OMV UK. Since 2003, Mr.
Turnheim he has been serving as Head of
OMV Corporate Controlling.
*** On 17 December 2009, Daniel Turnheim
and Stefan Waldner have been appointed
members of the Board of Directors to replace
Gerhard Roiss and David Charles Davies.
Stefan Waldner
Member***
ANNUAl rePort ‘09
Born in 1977, Stefan Waldner holds master’s
degrees in business administration and in
international management from the Vienna
University of Economics and Business
Administration and the Community of
European Management Schools (CEMS),
respectively. He started his career as a
consultant in an international management
consultancy in Germany before joining
a leading American investment bank
in London where he advised clients on
mergers and acquisitions (M&A) as well
as capital market transactions. He joined
OMV’s corporate M&A team in 2005 and
since 2009 acts as Senior Vice President
responsible for Corporate Development of
the OMV group.
board of auditors
Aydın Günter
Member
Ali Reha Müstecaplıoğlu
Member
95

96
senior management
Melih Türker
CEO
Born in 1959, Melih Türker graduated from the
Istanbul Technical University Department of
Mechanical Engineering and obtained an MBA
Degree from Gannon University, USA. He started
his career in the oil industry in 1989, working
with the US petroleum giant Exxon International
as Sales and Marketing Coordinator and
in the twenty years since has been holding various
managerial positions in different areas of
the fuel industry. He joined Shell Turkey in 1991
as Assistant Regional Manager. Between 1993
and 1996, Mr. Türker was responsible for sales
and marketing at Shell Middle East, Dubai and
UAE, returning to Turkey in 1996 in the capacity
of Sales and Planning Manager and worked as
Sales Director for Commercial Sales until 1998
when he was appointed General Manager of
Shell Turkey, the company’s first Turkish general
manager. Mr. Türker was first assigned to the
Shell London Head Office in 2003 as General
Manager of Shell Europe Global Lubricants, and
then as General Manager of the Shell Europe
Global Lubricants Strategic Business Unit in
2005. Mr. Türker was appointed CEO of Petrol
Ofisi in June 2007.
Reha Talu
Supply Chain Management
Director
Reha Talu graduated from
Middle East Technical University
Department of Petroleum
Engineering. He then obtained
a master’s degree. He worked
at the Refining and Marketing
Divisions of Mobil Company for
20 years. During this period, he
assumed the positions of Assistant
General Manager at the
Ataş Refinery in Mersin and Operations
Manager at the Mobil
Coryton Refinery in England.
Following the merger of Mobil
and BP, he worked as a top-level
executive for four years at BP
Refining and Trading in London
and the Supply Office in Turkey.
He joined Petrol Ofisi after its
privatization in August 2000.
Ertan Çakır
Retail Sales Director
Born in 1956, Ertan Çakır graduated
from the Department of
Business Administration at the
Ankara Academy of Economic
and Commercial Sciences.
Throughout his career of 30
years, he has worked in the fuel
industry and especially in the
field of retail sales. He started
his career at Petrol Ofisi in 1979.
After working as a manager at
various divisions of Shell Turkey
during the period of 1984
-1997, he was appointed Retail
Manager in 1998. He transferred
to the position of Business
Development Manager of
Shell International’s Mediterranean
Retail Region in 2003.
In this capacity, he successfully
increased the sales potential of
the retail network comprised of
3,200 stations throughout five
countries and created special
solutions for the development
of the regions and countries
involved. In 2004, he returned
to Shell Turkey and worked as
project manager during the
merger of Shell and Turcas. Mr.
Çakır, who was appointed Vice
President of the Energy Group
at Doğan Holding in 2006, has
been holding his present position
at Petrol Ofisi since August
2007.

Ogeday Çağatay
Finance Director
Ogeday Çağatay, a graduate of
the Management Engineering
Department at Istanbul Technical
University, started his career
in 1983 as an analyst with the
Anadolu Endüstri Group. He
subsequently served as Senior
Auditor at Ernst & Young and
Regional Finance Controller at
Normandy Gold. He joined BP
Turkey in 1996, where he held
the positions of Castrol Finance
Director during 1996-2001 and
Human Resources Manager
during 2001-2003. Mr. Çağatay
assumed the position of BP
Financial Affairs Manager between
2003 and 2007 and has
been appointed to his present
position at Petrol Ofisi in October
2007.
Dr. Mutluay Doğan
Commercial and Industrial
Sales Director
Born in 1967, Mr. Doğan graduated
from the Mechanical Engineering
Department of Middle
East Technical University. After
obtaining his master’s degree
from the same university, he
received a Ph.D. from Hacettepe
University in the field
of Business Administration.
He joined Petrol Ofisi in March
1991 and assumed various positions
within the Company. His
current position at Petrol Ofisi
includes Aviation and Marine
Sales, Wholesale Operations,
Gas and Export Sales.
Coşkun Duru
Compliance and Audit
Director
Born in 1973, Coşkun Duru
graduated from Boğaziçi University
Faculty of Economics and
Administrative Sciences with a
degree in Business Administration.
He started his career at
Shell Turkey in 1996 and joined
Petrol Ofisi in September 2000.
Mr. Duru established and managed
the Fuel Products Planning,
Station Investments and
Strategy and Business Development
divisions in the Company
and has been holding his present
position since March 2007.
ANNUAl rePort ‘09
Sezgin Gürsu
Lubricants Group Manager
Born in 1966, Sezgin Gürsu is a
graduate of Boğaziçi University
Department of Mechanical Engineering
and received his master’s
degree from the University
of Miami. After starting his career
at Koç Holding in 1991, he
assumed various positions in
lubricant sales and supply chain
management at Mobil Oil Türk
A.Ş. during 1992-1999. Following
the Exxon Mobil merger,
Mr. Gürsu held several senior
management positions in the
company’s various sales departments.
He joined Petrol Ofisi in
2007 and currently serves as Lubricants
Group Manager.
97

Petrol ofisi A.Ş.
fINANCIAl AND oPerAtIoNAl HIGHlIGHts

100
REGISTERED CAPITAL AND COMPOSITION OF REGISTERED CAPITAL
REGISTERED CAPITAL : TL 577,500,000
REGISTERED CAPITAL CEILING : TL 750,000,000
COMPOSITION OF REGISTERED CAPITAL AS OF DECEMBER 31, 2009
TL December 31, 2009 %
Doğan Şirketler Grubu Holding A.Ş. 304,520,667.80 52.73
OMV Aktiengesellschaft 196,350,000.00 34.00
Free Float 76,629,332.20 13.27
Total 577,500,000.00 100.00
Doğan Holding ve OMV Aktiengesellschaft’s respective shares in the Company were 54.17% and 41.58% as of 31 December
2009 following the purchases they made from the ISE.

PETROL OFİSİ SHARE PER PRICE IN YEAR 2009
ISE-100 (USD) ISE-100 (TL)
Petrol Ofisi
ISE-100
55,000
50,000
45,000
40,000
35,000
30,000
25,000
20,000
12/31/08
01/31/09
02/28/09
03/31/09
04/30/09
05/31/09
Petrol Ofisi / ISE-100 (TL)
06/30/09
07/31/09
ANNUAl rePort ‘09
TL 31 December 2008 Minimum Maximum Average 31 December 2009
Petrol Ofisi 2.63 2.48 7.55 5.04 5.75
ISE-100 26,864 23,036 52,825 37,490 52,825
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
Petrol Ofisi
ISE-100
0
12/31/08
01/31/09
02/28/09
03/31/09
04/30/09
Petrol Ofisi / ISE-100 (USD)
05/31/09
06/30/09
07/31/09
08/31/09
09/30/09
10/31/09
11/30/09
12/31/09
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
Petrol Ofisi share
price moved
between TL 2.48 -
7.55 per share in
2009.
Closing value of
Petrol Ofisi share
price was TL 5.75
as of December
31, 2009.
5.50 Petrol Ofisi share
5.00 price moved
between USD
4.50
1.50 - 5.05 per
4.00 share in 2009.
USD 31 December 2008 Minimum Maximum Average 31 December 2009
Petrol Ofisi 1.73 1.50 5.05 3.30 3.87
ISE-100 17,653 12,838.27 35,517.39 24,568 35,517
08/31/09
09/30/09
10/31/09
11/30/09
12/31/09
3.50
3.00
2.50
2.00
1.50
1.00
Petrol Ofisi (TL)
Petrol Ofisi (TL)
Closing value
of Petrol Ofisi
share price was
USD 3.87 as of
December 31,
2009.
101

102
PETROL OFİSİ MARKET CAPITALIZATION IN YEAR 2009
4,500
4,250
4,000
3,750
3,500
3,250
3,000
2,750
2,500
2,250
2,000
1,750
1,500
1,250
12/31/08
Petrol Ofisi Market Capitalization (TL mn)
Petrol Ofisi
market
capitalization
moved between
TL 1,430 - 4,360
million in 2009.
Market
capitalization of
Petrol Ofisi was
TL 3,321 million
as of December
31, 2009.
TL (mn) 31 December 2008 Minimum Maximum Average 31 December 2009
Petrol Ofisi 1,518 1,430 4,360 2,911 3,321
3,000
2,750
2,500
2,250
2,000
1,750
1,500
1,250
1,000
750
12/31/08
01/31/09
01/31/09
02/28/09
02/28/09
03/31/09
03/31/09
04/30/09
04/30/09
05/3109
06/30/09
07/31/09
08/31/09
Petrol Ofisi Market Capitalization (USD mn)
05/31/09
06/30/09
07/31/09
Petrol Ofisi
market
capitalization
moved between
USD 864 - 2,915
million in 2009.
Market
capitalization of
Petrol Ofisi was
USD 2,233 million
as of December
31, 2009.
USD (mn) 31 December 2008 Minimum Maximum Average 31 December 2009
Petrol Ofisi 998 864 2,915 1,908 2,233
08/31/09
09/30/09
09/30/09
10/31/09
10/31/09
11/30/09
11/30/09
12/31/09
12/31/09

PETROL OFİSİ A.Ş. SUBSIDIARIES
ERK PETROL MARMARA
DEPOCULUK
KIPET PO ALTERNATİF
YAKITLAR
PETROL OFİSİ A.Ş.
PO GAZ
İLETİM
PO GEORGIA PO AKDENİZ
RAFİNERİSİ
ANNUAl rePort ‘09
PO ARAMA
ÜRETİM A.Ş.
%99,96 %89,97 %52,00 %99,89 %99,75 %100,00 %99,99 %99,96
Fuel Sale Storage Fuel Sale LNG Sale LNG Transfer Fuel Sale Rafinery E&P
ERK PETROL YATIRIMLARI A.Ş.
Capital TL 20,000,000
Composition of Equity and Shareholders:
Petrol Ofisi A.Ş. %99,96
Doğan Şirketler Grubu Holding A.Ş. %0,01
Doğan Enerji Yatırımları %0,01
Çelik Enerji Üretim A.Ş. %0,01
Doğan Otomobilcilik Tic. ve San. %0,01
Business Subject : The company was established to engage in the procurement and sale of fuel products, fuel-oil, petroleum
products, LPG and other similar products within and outside of Turkey; to arrange for the distribution and storage thereof;
to sell refinery by-products; to produce and blend all kinds of lubricants and greases and their by-products; to set up the
necessary facilities for production and blending; to engage in the retail and wholesale, import and export thereof.
MARMARA DEPOCULUK A.Ş.
Capital TL 53,500,000
Composition of Equity and Shareholders:
Petrol Ofisi A.Ş. %89,97
Petline Petrol Ürünleri Tic. A.Ş. %10,00
PO Akdeniz Rafinerisi %0,01
Doğan Enerji Yatırımları A.Ş. %0,01
ERK Petrol Yatırımları A.Ş. %0,01
Business Subject : The company was established to engage in the storage of bulk petroleum products, packaged lubricants
and preparations owned by third parties and to undertake general entrepot operation activities in order to meet the storage
and management needs of those active in the petroleum market, subject to the Petroleum Market Law number 5015, the
Petroleum Market Regulation and any related legislation and supplements and/or clauses acting as supplements.
KIBRIS TÜRK PETROLLERİ LTD.
Capital TL 2,086,774
Composition of Equity and Shareholders:
Petrol Ofisi A.Ş. %52,00
Türk Cemaat Meclisi Konsolide Fonu
İnkişaf Sandığı %48,00
Business Subject : The company was established in the Turkish Republic of Northern Cyprus to sell and distribute fuel products.
103

104
PETROL OFİSİ ALTERNATİF YAKITLAR TOPTAN SATIŞ A.Ş. (POAY)
Capital TL 8,000,000
Composition of Equity and Shareholders:
Petrol Ofisi A.Ş. %99,89
Doğan Şirketler Grubu Holding A.Ş. %0,02
Doğan Enerji Yatırımları A.Ş. %0,02
Çelik Enerji Üretim A.Ş. %0,04
ERK Petrol Yatırımları A.Ş. %0,02
Business Subject : The company was established to undertake commercial activities in the natural gas market within and/or
outside Turkey; to actively promote the use of natural gas; to locally procure or import natural gas, liquefied natural gas and
similar products; to engage in the sale and marketing thereof within and/or outside Turkey; and to arrange for the distribution,
storage and modulation of such products.
PETROL OFİSİ GAZ İLETİM A.Ş. (POGİ)
Capital TL 4,000,000
Composition of Equity and Shareholders:
Petrol Ofisi A.Ş. %99,75
Doğan Şirketler Grubu Holding A.Ş. %0,05
Doğan Enerji Yatırımları A.Ş. %0,05
Çelik Enerji Üretim A.Ş. %0,10
ERK Petrol Yatırımları A.Ş. %0,05
Business Subject : The company was established to undertake commercial activities in the natural gas market within and/
or outside Turkey; to actively promote the use of natural gas; to undertake the transmission, filling, transportation, and
delivery of liquefied natural gas, compressed natural gas and natural gas within and/or outside Turkey; to prepare projects
for, construct and operate carrying devices and facilities for the performance of these activities; to conclude delivery and
transportation agreements with other companies engaged in the natural gas market in Turkey; to transport the natural gas
it receives with transportation vehicles; and to make the necessary arrangements for the storage and modulation of such
products.
PETROL OFİSİ GEORGIA LLC.
Capital USD 2,000,000
Composition of Equity and Shareholders:
Petrol Ofisi A.Ş. %100
Business Subject : The company was established to procure and sell fuel products from domestic and foreign markets, to
organize the distribution, storage and further sell refinery by-products within Georgia.

PETROL OFİSİ AKDENİZ RAFİNERİSİ SAN. TİC. A.Ş.
Capital TL 50,000,000
Composition of Equity and Shareholders:
Petrol Ofisi A.Ş. %99,9992
POAY %0,0002
POGİ %0,0002
Doğan Enerji Yatırımları A.Ş. %0,0002
ERK Petrol Yatırımları A.Ş. %0,0002
ANNUAl rePort ‘09
Business Subject : The company was established for the refining of crude oil, procurement, export, import and storage of
crude oil and petroleum products; processing crude oil or semi-finished petroleum in refineries it owns, deriving from them
all kinds of petroleum products, intermediate products and by-products; storing, handling, exporting products that are obtained
by way of processing crude oil for these purposes and with an aim to carry out the activities specified, to construct,
set-up, provide or procure all kinds of necessary devices, tools, materials, commodities and facilities; to process and/or
cause to be processed, crude oil in refineries within and/or outside of Turkey.
PETROL OFİSİ ARAMA ÜRETİM SAN. ve TİC. A.Ş.
Capital TL 5,000,000
Composition of Equity and Shareholders:
Petrol Ofisi A.Ş. %99,96
ERK Petrol Yatırımları A.Ş. %0,01
PO Akdeniz Rafinerisi %0,01
Doğan Enerji Yatırımları A.Ş. %0,01
Mehmet KÖKSAL %0,01
Business Subject : The company was established to conduct international activities of exploration for all kinds of natural
resources, namely hydrocarbon oil, natural gas phases, carbon-dioxide, methane gas and all kinds minerals, industrial raw
material on offshore and onshore, and for the development and production of explored licenses, transportation, storage
and refinery and marketing and to obtain exploration and production licenses; to transfer the license through farm-in and
farm-out and to partner in other licenses; and to export and import hydrocarbon and its products.
105

106
FINANCIAL HIGHLIGHTS
SUMMARY FINANCIALS (TL)
2007 2008 2009
Current Assets 2,475,760,056 3,382,641,971 3,185,449,277
Fixed Assets 3,310,412,101 3,552,446,928 3,747,699,733
Total Assets 5,786,172,157 6,935,088,899 6,933,149,010
Current Liabilities 1,576,350,980 2,289,102,864 2,399,694,213
Long Term Liabilities 1,559,290,918 1,892,553,891 1,518,688,797
Minority Interest 4,602,888 6,396,477 16,180,137
Shareholders’ Equity 2,645,927,371 2,747,035,667 2,998,585,863
Net Sales 13,479,745,446 17,194,444,698 14,094,912,129
Gross Profit 923,257,497 1,204,270,390 1,016,021,464
EBIT 532,110,408 812,040,084 628,174,959
EBITDA 644,415,941 933,348,088 782,334,306
Net Profit 310,708,212 100,906,803 287,355,386
EBIT: Earnings before interest and taxes
EBITDA: Earnings before interest, taxes, depreciation and amortization
EBITDA: EBIT + Depreciation & Amortization
KEY RATIOS
2007 2008 2009
Gross Margin (%) 6.85 7.00 7.21
EBITDA Margin (%) 4.78 5.43 5.55
Net Margin (%) 2.31 0.59 2.04
Return on Equity (%) 12.44 3.73 9.96
Return on Average Capital Employed* (%) 15.21 25.29 19.17
EBITDA/Net Interest Expense (x) -90.6 8.5 7.3
Earnings (per share) 0.565 0.175 0.498
* EBIT is adjusted for goodwill amortization in ROACE calculation.
Return on Equity (ROE): Net Income / Average Shareholder’s Equity
Return on Average Capital Employed (ROACE): EBIT (1-tax rate) / Average Capital Employed
Capital Employed: Net Debt + Shareholders’ Equity + Minority Share
Net Debt: Eurobond + Murabaha Syndications + Loans from Banks + Financial Leasing - Cash

CAPITAL EXPENDITURES* (USD Million)
153
173
233
222
2006
2007 2008 2009
* Figures are from cash flow statements
NET SALES (USD Million)
9,615
10,366
13,251
9,119
2006 2007 2008 2009
EBITDA (USD Million)
421
496
719
506
2006 2007 2008 2009
ANNUAl rePort ‘09
Retail expenditures constituted majority of capital
expenditures and exploration & production in 2009.
Total CAPEX reached USD 222 million.
In 2009, net sales declined compared to 2008
because of shrinking market and oil prices and
also the major impact of the volatility in the dollar
currency.
In 2009, EBITDA declined compared to 2008 due to
ceiling price application and global fluctuations.
107

108
TOTAL ASSETS (USD Million)
ROACE
4,289
4,968
4,586 4,605
2006 2007 2008 2009
14.1%
15.2%
25.3%
19.2%
2006 2007 2008 2009
In 2009, total assets increased 0.03% on the basis of
TL 4.1% on the basis of USD and reached USD 4,605
million.
Since from the merger on 2002 the average return
on capital rose while in 2009 showed a slight decline
with the effects of the global markets

MARKET SHARES AS OF DECEMBER 31, 2009
Source: PETDER
1997 1998 1999
2000
July
ANNUAl rePort ‘09
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Diesel 42.1 39.1 33.8 28.8 29.0 35.1 36.9 36.0 35.8 34.9 33.6 29.9 28.3 27.9
Gassoline 28.5 24.7 24.5 19.2 19.9 25.6 27.1 26.4 25.6 25.7 25.8 24.4 24.2 23.5
42.1
28.5
Petrol Ofisi
45.7%
39.1
Other
54.3%
24.7
33.8
24.5
Before Privatisation
1997 1998 1999 2000
July
28.8 29.0
19.2
19.9
Petrol Ofisi
27.9%
Other
72.1%
PETROL OFİSİ MARKET SHARES (AFTER & BEFORE PRIVATISATION)
35.1
25.6
36.9 36.0 35.8 34.9
27.1
26.4
Petrol Ofisi
23.5%
Other
76.5%
25.6
After Privatisation
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
25.7
33.6
25.8
Diesel Gassoline
29.9
24.4
Petrol Ofisi
18.1%
Other
81.9%
Black Products Diesel Gasoline Auto-LPG
28.3 27.9
24.2
23.5
109

110
MARKET DEMAND
Market Demand Breakdown (mio tons) 2008 2009 09/08 (%)
Diesel 14.02 13.47 -3.9
Auto-LPG + Gasoline 4.41 4.54 2.9
Jet A1* 2.16 2.25 4.2
Black Products 2.76 1.92 -30.5
Lubricants 0.33 0.28 -16.6
LNG* 0.35 0.35 0.0
Total Market Demand 24.03 22.80 -5.1
*Company Estimate
Black Products
19.9%
Jet A1
18.6%
Black Products
11.5%
Jet A1*
9.0%
Auto-LPG +
Gasoline
18.4%
Petrol Ofisi Product Breakdown(mton) 2008 2009 09/08 (%)
Diesel 3.97 3.79 -5.2
Auto-LPG + Gasoline 0.96 0.94 -2.0
Jet A1 1.54 1.63 5.8
Black Products 1.65 0.88 -46.8
Lubricants 0.08 0.07 -13.3
LNG 0.07 0.07 -2.8
Petrol Ofisi Total Sales Volume* 8.27 7.35 -11.1
*Jet A1 Sales are not included.
Auto-LPG +
Gasoline
11.6%
Lubricants
1.4%
Lubricants
1.0%
2008
Source: PETDER and Petrol Ofisi
Kerosene sales are included in Gasoil volume
2008
Source: PETDER and Petrol Ofisi
Kerosene sales are included in Gasoil volume
LNG*
1.5%
LNG
0.9%
Diesel
58.3%
PETROL OFİSİ SALES VOLUME AND BREAKDOWN
Diesel
48.0%
Jet A1*
9.9%
Auto-LPG +
Gasoline
19.9%
Jet A1
22.2%
Black Products
8.4%
Black Products
11.9%
Auto-LPG +
Gasoline
12.8%
Lubricants
1.2%
Lubricants
0.8%
2009
Source: PETDER and Petrol Ofisi
Kerosene sales are included in Gasoil volume
2009
Source: PETDER and Petrol Ofisi
Kerosene sales are included in Gasoil volume
LNG*
1.5%
LNG*
0.9%
Diesel
59.1%
Diesel
51.2%

AUTO - LPG
ANNUAl rePort ‘09
2006 2007 2008 2009
Petrogaz Stations 805 804 720
Contracted Stations 654 504 465 320
PO/gaz Stations 190 438 1.321
Total Stations 1,459 1,498 1,623 1,641
Total Market Share (%)* 20.0% 20.3% 19.1% 18.1%
Total Market (000 tons)* 1,784 2,007 2,111 2,300
* Source: PETDER
100%
80%
60%
40%
20%
0%
LUBRICANTS
1,459
1,498 1,623 1,641
2006 2007 2008 2009
Contracted Stations Petrogaz Stations PO/gaz Stations
Ton (000mt) 2006 2007 2008 2009
Production 103.7 92.0 85.3 71.1
Domestic Sales 96.7 76.7 69.8 60.1
Exports 9.4 12.4 12.9 11.7
Total Sales 106.1 89.2 82.7 71.8
111

112
IMPORT RATIOS
(%) 2006 2007 2008 2009
Unleaded Gasoline 54 44 0 0
Diesel 51 51 54 57
Jet A-1 17 8 0 0
White Products * 44 40 37 36
Black Products ** 18 19 7 4
Average 40 35 30 32
* White Products: Gasoline, diesel, jet fuel, kerosene
** Black Products: Fuel oil, heating oil
RETAIL PRICES 2009
Retail Sales Price
(included VAT) TL
Unleaded
Gasoline (95)
Unleaded
Gasoline (97)
Rural Diesel Diesel Fuel Oil No. 6
Brent (Dtd)
USD/Barrel
End of 2008 2.75 2.82 2.34 2.42 0.89 36.55
End of 2009 3.64 3.67 2.88 3.02 1.40 77.67
09/08 (%) 32 30 23 25 57 113
RETAIL PRICES 2009
80
75
70
65
60
55
50
45
40
35
Dec-08
Brent (Dtd)
USD/Barrel
31.12.2008
36.55
Jan-09
Feb-09
23.03.2009
51.88
Mar-09
Apr-09
May-09
11.06.2009
71.46
Jun-09
13.07.2009
58.59
Jul-09
07.08.2009
74.49
Aug-09
29.09.2009
64.32
Sep-09
Oct-09
18.11.2009
78.86
Nov-09
31.12.2009
77.67
Dec-09

Petrol ofisi A.Ş.
CorPorAte GoVerNANCe PrINCIPles
CoMPlIANCe rePort

114
1. CORPORATE GOVERNANCE PRINCIPLES
COMPLIANCE REPORT
Petrol Ofisi has adopted the Corporate Governance
Principles accepted and announced by the Capital
Markets Board on 4 July 2003, and intends to continue
developing practices and principles that will
serve to the best interests of the Company. Petrol
Ofisi promotes corporate governance principles within
the context of equality, independence, discipline,
transparency, social responsibility, accountability and
responsibility. During the period ending 31 December
2009, the company adhered to the corporate governance
principles issued by the Capital Markets Board
of Turkey, except for the matters listed below:
The Company’s Articles of Association do not contain
provisions concerning:
•
•
•
•
•
Individuals’ right to appoint special auditors,
the appointment of independent members to
the Board of Directors,
stakeholders’ right to participate in company
management,
application of cumulative voting to elect board
members,
authorization of the General Assembly to make
decisions concerning the following: divisions
and share exchanges resulting in changes in the
ownership and management structure of the
company; the sale/purchase, lease or rental of
significant amounts of tangible and intangible
assets; significant donations and charitable
contributions; and the issuance of guarantees
like securities and mortgages in favor of third
parties.
2. SHAREHOLDERS
2.1 Investor Relations Department
The company is committed to meeting all its obligations
with respect to the protection of investors’
rights within the framework of its Articles of Association
and the relevant legislation. Accordingly, it has
formed an in-house Investor Relations Department
(ir@poas.com.tr) to quickly and accurately respond to
investor inquiries. In accordance with the principles of
equality, transparency, accountability and responsibility,
this department answers all questions that do not
involve trade secrets and ensures continuous commu-
nication between investors and the management. The
head of this department reports directly to the Board
of Directors.
The main functions of the department are as follows:
•
•
•
•
•
•
•
•
•
•
to reply to all written and verbal questions of
investors regarding the company, subject to the
relevant legislation, except where undisclosed
information and trade secrets are involved,
to ensure the maintenance of accurate, safe
and up-to-date investor records,
to ensure that General Assemblies are held in
keeping with the current legislation and the Articles
of Association,
to make available all documents required at
General Assemblies, to keep records of General
Assembly results and to convey these results to
investors upon request,
to monitor all matters pertaining to public disclosures,
including legislation and the company’s
disclosure policy,
to conduct capital market activities (e.g., material
disclosures, Capital Markets Board and
Istanbul Stock Exchange Relations, capital increases,
public offers, dividend payments),
to prepare the documents necessary for ensuring
the timely notification of major changes in
the Company’s financial, operational and administrative
dimensions to the local/foreign investors
through a single source and to provide
the necessary information to the investors,
to establish the financial contributions of new
strategies and decisions that will influence the
Company’s market value, and to conduct the
necessary work so as to ensure that these contributions
are perceived as positive developments
by the investment circles,
to enhance awareness about the Company in
the international financial markets; to emphasize
its competitive advantages, and to utilize
various instruments such as roadshows, teleconferences,
e-mail and fax messages, analysts’
presentations, direct information, and disclosures/announcements
so as to render Petrol
Ofisi a preferred company in the developing
markets,
to provide the financial and operational data
needed by analysts for use in their reporting
and modeling activities; and to arrange for the
review and correction of the reports prior to
being published,

•
•
•
•
to establish the shareholding structure of current
investors; to prepare a database covering
detailed information about investors; to periodically
revise and update the subject database;
to arrange for the utilization of any and all
instruments including outside opportunities for
detecting potential investors; to follow up the
composition of local/ foreign shares listed in the
Istanbul Stock Exchange and major changes in
the transaction volume thereof, and to submit
information in relation to the developments to
the top level management when necessary,
to follow up and make evaluations in relation to
industry analysis and reports prepared by local/
foreign research houses and investment institutions
about the current and potential developments
in the oil industry; to compare such data
with those currently used by the Company; to
establish their weak and strong aspects, and to
provide information to the top level management
on the subject,
to act in coordination with related units for the
preparation and updating of the presentations
for the Company’s local/international promotion
and information meetings, as well as documents
that will provide answers to probable
questions that may be posed by investors during
such meetings,
to assist independent audit companies during
the preparation stage of the Company’s financial
reports in accordance with the International
Financial Reporting Standards (IFRS); to prepare
a summary of the reports issued as such
and submit them to local/foreign investors, and
to prepare documents and information that will
constitute replies to probable questions of investors.
All inquiries received from investors during the reporting
period were answered in accordance with current
legislation. There exist no verbal or written complaints
or any administrative/legal proceeding filed against
our Company in relation to the exercise of investors’
rights, during the year 2009.
2.2 Exercise of Shareholders’ Right to Obtain
Information
In 2009, information requests addressed to the company
primarily involved the cash dividend performed
during the relevant period, transactions related to old
series of share certificates and the fines imposed by
ANNUAl rePort ‘09
EMRA. An agreement was concluded with T. İş Bankası
A.Ş. with the aim of ensuring that the transactions related
to old series of share certificates were conducted
by experts under more secure conditions and for
making it easier for our shareholders throughout the
country to exercise their rights. In 2009, 59 shareholders
applied to Petrol Ofisi for exercising their right to
use their new share coupons, dividend coupons and
for obtaining information on other matters. All information
requests were provided in an accurate and
timely manner, transactions related to old series were
forwarded to T. İş Bankası and cash dividends have
been payed by the Company. Transactions related to
old series of share certificates were performed by T.
İş Bankası A.Ş. Details related to such transactions as
well as the necessary contact information were announced
to the public with a material disclosure and
also displayed on our web site.
To ensure that shareholders fully exercise their right
to obtain information, all information not classified
as trade secret under the current legislation is announced
in national newspapers. Such information
is also sent to the Public Disclosure Platform through
material disclosures in keeping with the Capital Markets
Board Communiqué.
All shareholders are treated equally and no discrimination
was made with respect to the exercise of their
right to obtain and evaluate information. Accordingly,
information on the above-mentioned issues are publicly
available on the company’s website at www.poas.
com.tr. To ensure the effective exercise of shareholders’
right to obtain information, the company’s website
offers a separate section under “Investor Relations”,
which is constantly updated.
All announcements related to capital increase and Annual
Meetings made in 2009 were placed in newspapers published
throughout the country, as well as our web site.
The right of minority shareholders to require the General
Assembly to appoint a special auditor is regulated
in accordance with the relevant legislation. The company’s
Articles of Association do not include any additional
provisions in this regard. There have been no
requests for the appointment of special auditors.
On 28 November 2005, transactions started for the
registration with the Central Registration Board of the
share certificates listed in the Stock Exchange, and
our Company’s public shares physically placed in the
custody of Takasbank, as well as its non-public shares
were duly registered.
115

116
2.3. Information on the General Assembly
The Ordinary General Assembly was held on April 22,
2009. The quorum achieved in this meeting was 94.%.
At the ordinary general shareholders’ meeting, approval
was given for increasing the capital to TL
577,500,000 and for 2008 year financials, and the
member of the Board of Directors and members of
the Board of Auditors were released.
Notices concerning the following and similar matters
were made to the Istanbul Stock Exchange through
material disclosures and to the public through the
Official Gazette and two newspapers: the date, location
and agenda of the meeting; forms of proxies; the
fact that the balance sheet, the income statement, a
summary of the independent auditors’ report and the
latest version of the Company’s Articles of Association
for the relevant period would be made available
to all shareholders at the company’s headquarters at
least 15 days before the General Assembly; and the
fact that shareholders need to apply to the company
at least one week before the General Assembly in order
to obtain their admission cards and that, in cases
of attendance by proxy, notarized proxy statements
were to be submitted to the company. Invitations
to the holders of bearer share certificates were sent
through registered mail.
Information about the general shareholders’ meeting
was entered into the database of the Central Registration
Agency, which greatly facilitated the applications
shareholders willing to attend meetings must make.
Prior to the General Assembly, representatives of foreign
investors were asked whether they wished to
add any items onto the agenda; however no requests
were made in this respect.
During the General Assembly, shareholders were recognized
the right to ask questions; but no questions
were posed. Neither were any suggestions made
by shareholders during the same meeting. Minority
shareholders holding 1.054.926 shares in the aggregate
voiced negative opinions regarding donations
made to various organizations and institutions in
2008.
The minutes, lists of participants, agendas and announcements
of the company’s General Assemblies
are available in the “Investor Relations” section of the
company’s website.
Decisions concerning such issues as the division of the
company and the sale, purchase and lease of significant
amounts of assets are made in accordance with
the relevant legislation and the company’s Articles of
Association.
Only the shareholders and employees of the company
are allowed to attend general shareholders’ meetings.
These meetings are not open to other stakeholders or
media members.
2.4. Voting Rights and Minority Rights
In our Company, we refrain from practices that complicate
the exercise of the voting rights and ensure that
each shareholder votes in the most practical way possible.
According to the company’s Articles of Association,
each share is entitled to one vote. There are no privileges
regarding voting rights. No investor is involved in
a cross-shareholding relation with the company.
The Articles of Association do not provide for the representation
of minority shares in management. The
optional cumulative voting procedure is not applied
at the company’s General Assemblies.
2.5. Dividend policy and deadline for dividend
distribution
Distribution policy of our Company has been defined as:
“The dividends that become payable within the framework
of the legislation applicable to our Company and
the resolutions of our General Shareholders Assembly,
shall be duly distributed to the shareholders in the form
of cash and/or bonus shares, with due consideration
to the basic economic indicators that prevail in the
finance markets and to ensuring that the Company’s
financial structure can be optimized.” Shareholders
were informed of the fact that the distribution policy
will continue as it is in 2009 as well.
In 2009, no cash share was distributed to the shareholders.
The capital of the company was raised from
550,000,000 TL to 577,500,000 TL and bonus share
was distributed to the shareholders at the rate of 5%.
There are no privileged dividend rights.
2.6. Transfer of Shares
There are no restrictions on the transfer of bearer
shares. In relation to the transfer of Class A registered
shares or Class B registered shares, the share pur-

chase agreement between OMV Aktiengesellschaft
and Doğan Şirketler Grubu Holding A.Ş. contains certain
requirements such as the transferors’ obligation to
obtain the consent of non-transferors. Article 8 of the
Articles of Association specifies in detail the terms and
conditions governing the transfer of registered shares.
3. PUBLIC DISCLOSURE AND
TRANSPARENCY
3.1. Company’s Disclosure Policy
The company discloses information to shareholders and
investors in accordance with relevant legislation and the
principles specified by the Capital Markets Board and the
Istanbul Stock Exchange. The company holds announcement
meetings at its headquarters and issues reports
with a view to providing financial and operational information
in relation to its business and financial results.
The only exception to this is trade secrets or information
that has not yet been disclosed to the public. The company
invites investors, analysts and members of the press
to these meetings, where presentations are made by senior
executives. Corporate reports are sent to analysts
and investors and are also published on the company’s
website. Additional announcements can also be made to
the press in cases of important changes and events, even
if these are not specified in the relevant legislation.
3.2. Material Disclosures
The objective is to provide timely and accurate information
to shareholders and other stakeholders in keeping
with relevant legislation. During the year 2009, 50 material
disclosures were made in accordance with Capital
Markets Board Communiqué No. 54. All of the disclosures
were also sent by Public Disclosure Platform.
The company is not listed on foreign stock exchanges.
Therefore, no material disclosures were made abroad.
Since all material disclosures were made on time in
2009, no sanctions were imposed by the Capital Markets
Board.
Material disclosures are made by the Investor Relations
Department.
3.3. The Company’s Website and its Contents
The company’s website is at www.poas.com.tr, where
the majority of the information specified in the Capi-
ANNUAl rePort ‘09
tal Markets Board’s Corporate Governance Principles
is publicly available. Information available on this
website includes the following:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Trade registry information
Communication information
Information on products
Corporate Governance Compliance Reports
Board of Directors
Current shareholding structure
Company’s Articles of Association
Annual reports
Material disclosures made since 2001
Agendas, lists of participants and minutes of
the General Assemblies held during the last five
years
Disclosure related to old series of share certificates
Forms for voting by proxy
Periodic financial statements and independent
auditors’ reports of the last five years
Capital increase table
Dividend distribution table
Share certificate information
Reports of rating institutions
Company values and ethical rules
The following information is not available on the company’s
website for the following reasons:
•
•
•
There are no prospectuses or explanatory
notes, because no public offers were made in
2009
All Board decisions that may affect the prices
of capital markets instruments are disclosed
through material disclosures in accordance
with the law
Disclosures regarding purchases and sales of
the company’s capital market instruments affected
during the previous year by board members,
executives and shareholders who directly
or indirectly own 5% of the company’s capital
are made by the relevant individuals in accordance
with the law.
Efforts are ongoing to facilitate the use of the company’s
website by shareholders and other users.
3.4. Disclosure of the Company’s Ultimate-
Controlling Individual Shareholder(s)
Individuals who hold ultimate-controlling shares as of
end of 2008, are listed in the following table.
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ÖIAG Free Float IPIC
Free Float
Aydın Doğan
Foundation
Aydın Doğan ve
Doğan Family
Adil Bey Holding
A.Ş.
Free Float
%31,50 %48,50 %20,00 %0,19 %13,52 %52,00 %34,29
%34,00 %13,27 %52,73
Doğan Holding and OMV Aktiengesellschaft’s respective shares in the Company were 54.17% and 41.58%
as of 31 December 2009 following the purchases they made from the ISE.
Changes in our Company’s shareholding structure and
management control, are disclosed to the public in accordance
with the Capital Market legislation and the
Capital Markets Board arrangements. Doğan Holding
and OMV Aktiengesellschaft’s respective shares in the
Company were 54.17% and 41.58% as of 31 December
2009 following the purchases they made from the ISE.
3.5. Disclosure of Persons who May Obtain
Insider Information
Decision-making executives and employees who perform
work for the implementation of such decisions
have possible access to information that may influence
the share price of the company. Relevant legislation
prohibits such persons from using such information
with a view to obtaining benefits for themselves
or for other people.
4. STAKEHOLDERS
4.1. Informing Stakeholders
4.1.1. Employees
In 2009,
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Leadership Team comprised of the CEO, the
Directors and the direct report Managers was
established, which is planned to hold weekly
meetings to discuss the developments in the
world, the country, the industry and the Com-
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pany activities and to plan the actions to be
taken accordingly.
The “Fuel Trading Operations” unit followed up
the world energy trends and established the
supply policies to be implemented, and weekly
meetings were held with the top level management
where supply and hedging policies were
discussed.
Information was furnished to Company em-
ployees during meetings with wide scale participation,
on macroeconomic developments
in the world and in Turkey, by experts on the
subject
Meetings on “Evaluations for 2008 / Targets for
2009” were held by the Company CEO, during
which information related to the Company’s activities
and performance was shared with the
employees.
Information, including messages from the man-
agement, corporate activities, social announcements,
was exchanged among all employees
through the “Communication Boards” installed
at the Head Office, terminals, regional offices,
storage facilities and Aviation directorates.
An Intranet site has already been in action
through which all employees could access information
on Petrol Ofisi and follow up important
developments.
Corporate, operational and internal commu-
nication schedules related to the activities to
be performed by the Company throughout the
year, were prepared and discussed at Weekly
Leadership Team meetings and shared with all
employees through the Intranet.

4.1.2 Other Stakeholders
Information is provided to our stakeholders on important
developments related to the Company through
visual and written press and other media instruments,
the Internet, the material disclosures made to the Istanbul
Stock Exchange and press conferences. Our
stakeholders can easily access all information pertaining
to the Company and its shares through the written
press and Material Disclosures made to the Istanbul
Stock Exchange, by contacting the Investor Relations
Department or the “Alo Takas” and “Alo MKK” lines.
The Company stakeholders, investors and analysts
can also easily obtain information pertaining to the
Company’s financial statements, annual reports and
presentations, by entering our web page or contacting
our Investor Relations Department.
4.2. Participation of Stakeholders in
Management
No model is available for stakeholder participation in
the company’s management.
4.3. Human resources policy
As Petrol Ofisi, our Human Resources Policy is to attain
sustainable high performance by developing a Human
Resources System and Processes that will maximize
the efficiency and productivity of our most valuable
asset –our human resources. The company supports
employees in order for them to become: welcoming
of change and innovation, creative and dynamic, effective
in managing change, strong in adding value
and in teamwork, customer-oriented and environmentally
aware.
In 2009, Petrol Ofisi restructured its Territory and Lubricant
organizations in line with the company strategies,
and the Human Resources policy was reformulated
accordingly.
Implementing an “Integrated Human Resources Model”,
human resources management aims at making
the company a “Highly Preferred Employer”. Human
Resources Management of Petrol Ofisi uses a processoriented
approach in developing recruitment, training,
performance evaluation and compensation management
procedures.
Our primary aim in recruitment and employment
processes is to attract the most talented profession-
ANNUAl rePort ‘09
als and to reach the candidates that will make longterm
contributions to work results. Priority is given
to internal candidates whenever a new open position
becomes available. All recruitment and employment
techniques are designed and implemented with the
aim of placing the right person in the right job. Skill
evaluation is first formed in the company and external
recruitment processes are started only when a suitable
internal candidate is not available. In this process, job
advertisements are placed on career websites or in
the press, and a database search is conducted among
existing applicants.
All new recruits are presented with an orientation set
on their first day of employment, which is followed by
introductory meetings with all relevant departments
and with visits to terminals, Atatürk Air Supply Facilities,
Lubricant Plant and fuel stations. The company
aims to grow by recruiting open-minded and talented
employees with high performance and customer satisfaction
goals.
Performance Management Processes at Petrol Ofisi
aim to create a high-performing and winning corporate
culture based on stimulating high performance in
individuals and teams. In 2009, employees have been
evaluated on performance indicators such as target
realization, contribution to company priorities, leadership,
taking responsibility, and teamwork-conducive
attitudes and behaviour.
With Training and Development Performance Management
processes, Petrol Ofisi provides employees
with individualized development plans in order to
help them reach their designated performance targets.
The company’s aim is to design training programs
that help the employees to further develop their required
skills and competencies and lead to concrete
improvements in business results. In 2009, the training
sessions that aimed at developing job specific and
behavioural competencies addressed topics such as
Performance Enhancing Coaching, Problem Solving
and Decision Making Techniques, Effective Presentation
Techniques, Finance for Non-economists, Time
Management, Stress-Coping Skills, Costumer Management
and Team Work. Various training programs were
also organized to support our HSE (Health-Safety-Environment)
principles. A total of 3,592 man/day training
programs were provided in 2009. Of this number,
internal training programs accounted for 1,767 man/
days.
Petrol Ofisi’s compensation scheme is designed to attract
the best professional talent to the Company, to
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reward performance and keep the Company competitive
in the employment market. Salary increases and
bonuses are performance-driven and aim at developing
individual performance to create a top performance,
“winning” corporate culture.
Different social and communication platforms were
created in 2009 to demonstrate corporate culture, to
strengthen the Petrol Ofisi team spirit and to foster
a sense of social belonging. These included meetings
where business results were shared with employees,
routine luncheons with the CEO, the publication of PO
News - an internal e-bulletin for employees, special
day celebrations and social activities. Petrol Ofisi employees
were also encouraged to participate in social
responsibility projects.
As of 31 December 2009, Petrol Ofisi has a total of 1,044
employees, 601 white-collar and 443 blue-collar workers.
48% of all employees hold an undergraduate or
graduate degree. The average age of employees is 36.
4.4. Information on relations with customers
and suppliers
Customer relations:
The leading fuel distribution company in Turkey, Petrol
Ofisi, is an organization committed to meeting the
expectations of its customers at the highest level. Petrol
Ofisi reaches its customers all over Turkey through
its broad station network, and seeks to come to the
fore with the high quality service it provides in every
region it operates in, making customer satisfaction its
basic principle.
In 2009, vital applications such as licenses, Petrol Ofisi
Dealer Agreements, Clean and Well Maintained Operation
Sites, Health Safety Environment Conditions
and Standardized Products were continued to be implemented
for the station network. Efforts made with
the objective of preventing customer complaints beforehand
are indicative of our customer-based service
concept.
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To enhance and diversify the product and service
quality, Petrol Ofisi has continued to carry
out several activities in 2009.
Personnel at the fuel stations received trainings
in 2009 to help maintain and improve the quality
of the stations’ physical environment and
services. Training programs typically included
topics on fuel products, services, HSE (Health-
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Safety-Environment) and operational management.
The internal communication and training magazine
İstasyonum (My Station) was continued to
be published in 2009.
Petrol Ofisi has held promotional and advertising
campaigns to emphasize its commitment to
its new products and services through the technological
investments it has made in 2009.
The most important part of the integrated automation
system is the “Satellite Tracking System”.
This enables the online, real-time tracking
via satellite of all fuel sales and fuel storage
tank levels at stations in the principal network,
thus ensuring the maintenance of fuel quality
on a 24/7 basis, all the way from terminal to
fuel pump.
The V/Max product range includes the gasoline
brands V/Max Unleaded 95 and V/Max Unleaded
97, and the diesel brands V/Max EuroDizel
and V/Max EuroDizel 10. These products improve
vehicle performance, provide fuel economy
and protect the engine.
V/Max Unleaded 95 provides high performance
and fuel economy by protecting the engine
thanks to the strong detergent additive in its
formula. The special Friction Modifier additive
in the formula provides maximum economy
by reducing the friction and preventing energy
loss.
V/Max Unleaded 97 improves vehicle performance
with its high octane number and superior
formula that cleanses the engine. Providing
fuel economy with the lubricant feature that
reduces the friction between cylinders and piston,
V/Max Unleaded 97 offers Petrol Ofisi customers
higher performance, engine cleansing
and economy.
Developed specially for Turkey, V/Max EuroDizel
rids the engine of metal particles thanks
to the anti-metal additive it contains, and provides
engine cleansing and fuel economy by the
strong detergent additive in its the formula. V/
Max EuroDizel improves engine performance
and reduces engine knocking, ensuring quiet
and smooth driving with the highest cetane
number available.
V/Max Eurodizel 10 contains 80% less sulphur
and 60% less nitrogen oxide. Clean diesel V/
Max Eurodizel 10 protects both the engine and
the environment and provides fuel economy by
regular ignition. Moreover, the product price is
at the same level with products of higher sulphur
content.

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Company’s Direct Fuel Delivery System (DDS)
ensures that the quality chain remains unbroken
and that top quality Petrol Ofisi fuels reach
the end customer at the point of sale in prime
condition and without being contaminated
with other products. The state-of-the-art road
tankers that are part of the Direct Fuel Delivery
System enable the constant monitoring of
products until they reach fuel stations. Activated
in August 2002, the system is becoming
more widespread with each passing day. This
will eventually reduce environmental pollution
and accident risks, since the fuel transportation
in Turkey will mostly be performed by highquality
road rankers conducted by specially
trained operators.
In order to maintain its position in a competitive
market and to protect the benefits of its
shareholders, Petrol Ofisi puts emphasis on the
concept of customer loyalty and has continued
to carry out its activities regarding the Positive
Card customer loyalty program in 2009. Alliances
and collaborations were established to
include additional benefits regarding health
and insurance into Positive Card which offers
many benefits to Petrol Ofisi customers. A consumer-friendly
card application procedure was
designed to promote the use of Positive Card
all over Turkey. Consumers wishing to apply
for the card only need to fill out an application
form at any Petrol Ofisi fuel station or promotional
desk.
Committed to the idea of providing on-site
service to customers, Petrol Ofisi has provided
trainings on lubricants for manufacturers and
technical personnel in 2009 by the Lubricant
Training Truck which was first set up in 2002.
The Marker test system is also continued to be
carried out successfully. The marker test measures
the concentration level of Petrol Ofisi’s
unique chemical marker (a particular type of alkyl
phenol- based dye) in the fuels, thus helping
to ascertain whether or not fuels have been diluted
or tampered with in any way. Marker tests
are conducted once a month in all fuel stations
by the professional teams of the subcontractor
company. The results of marker tests reveal
that Petrol Ofisi provides high-quality products
for its customers.
Our Customer Services Unit provides assistance
to customers who reach us through various
channels such as the tall-free consulting lines
at 0 800 2110229 and 0 555 675 55 55 and the
Internet, for all matters.
Supplier Relations:
ANNUAl rePort ‘09
Petrol Ofisi procures a major part of its fuel product
requirement from Tüpraş and imports the rest. Petrol
Ofisi has signed a supply contract with Tüpraş. This
contract is based on the long-term and successful
commercial relations that Petrol Ofisi has been enjoying
with Tüpraş, its major supplier.
We further have contracts and spot purchases for
imported products. Our imports are mainly made
from Russia, Israel, Ukraine, Greece, Italy, Malta and
France
4.5. Social Responsibility
Petrol Ofisi Health, Safety and Environmental (“HES”)
Protection Policy:
At Petrol Ofisi, occupational health, safety and environmental
protection are a top priority in the company
policies. Our main aim is to integrate the proactive
approach into our professional life at all levels
by creating awareness about the HSE system in order
to avoid accidents, to prevent damage to people and
facilities and to take environmental protection measures.
It has been decided that all efforts with respect to
Health, Safety and Environment related issues are to
be grouped under the HSE Management System. Internationally
accepted protective systems based on
risk evaluation are implemented in order to manage
the Environmental Risks and Occupational Health and
Safety Risks.
Within this framework;
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OHSAS 18001, ISO 14001, ISO 9001 Integrated
Management System internal audits were held
at all terminals and lubricant facilities by BSI
((British Standards Institutions) in September
and March. Internal audits are carried out annually
by individuals who have gone through
internal audit training and completed the exam
successfully. The reports are entered through
QDMS.
In 2009, Batman Terminal was covered by the
ISO 9001, ISO 14001 and OHSAS 18001 Integrated
Management System and certified by
BSI.
In 2009, under the training plan, personnel
were given courses on Safe Driving, Occupa-
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tional Health and Safety Rules, Regulations,
Individual Protection Equipments, Working at
Elevated Workplaces and Related Precautions,
Electricity Risks, Tank Control, Emergency Situation
Intervention, and Fire Fighting and Anti
Debris Training (theoretical and practical). In
all Petrol Ofisi, 14,970 person/hour of total HSE
training was provided.
1,344 “Alert Notices” have been issued by our
terminals and plants covered by the Management
System, 88 “Near-Misses” have occurred,
the required root cause analyses were made,
and corrective and preventive action was taken.
In 2009, 2 lost time incidents have occurred; 1
at Haramidere Terminal and the other at the
Atatürk Air Supply Office; 3 injuries have occurred;
1 at Batman Terminal and 2 at head office;
14 traffic accidents involving company vehicles,
6 involving transportation vehicles and
5 involving Jet Fuel Supply Vehicles have occurred.
Accident investigations were conducted
to determine the root cause of work accidents
and necessary steps have been taken to ensure
they don’t happen again.
HSE manuals were published and distributed to
fuel stations.
New industrial refinery systems were installed
at the İskenderun and Haramidere Terminals.
5,437 HSE audits were conducted by territory
managers at 2,970 fuel stations. The contractor
firm has also performed HES audits at 1,066
fuel stations.
In our 47 facilities, including terminals, Lubri-
cant Plant and air supply, 2,072 HSE audits were
performed by the facility directorates.
155 Fire Fighting and Evacuation drills were
conducted in 48 locations including our plants
and General Directorate building.
11 Anti-Debris Trainings were implemented in
9 coastal plants.
Emission confirmation measurements were
conducted in all air supply facilities that have
emission licenses and the results were reported
to Environment and Forestry Directorates of
the relevant provinces.
Under scope of Law 5312 on “the Principles of
Emergency Intervention and Compensation of
Damage in Cases of Polluting of the Sea Coast
by Oil and Other Hazardous Substances” published
by the Marine Under-secretariat within
the framework of the circular entitled “Methods
and Principles on the Training Seminars and
Operation Programmes for the Preparation and
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Intervention on Pollution from Oil and Other
Hazardous Substances”, first and second level
training seminars were held for 118 personnel
to enable them to intervene in cases of emergency
where oil spills and other hazardous substances
cause coastal sea pollution.
As part of the EU integration process, with the
aim of forming a mechanism of auto-controlled
supervision and environment management
which will be established by the sector-specific
actors, two separate regulations were published
by the Ministry of Environment and Forestry;
“Regulation on Environment Supervision” dated
21 November 2008, and “Regulation on Permissions
and Licenses under Environment Law”
dated 24 April 2009. As part of these regulations,
15 Petrol Ofisi employees attended the
environment officer trainings, implemented by
the Ministry of Environment and Forestry, for
100 hours.
The Emission License was issued for our Derince
Terminal.
The Discharge Permit for our Antalya Terminal
was renewed.
The Emission License for our Kırıkkale Terminal
was renewed.
The Operating Certificate for our Derince Terminal
was renewed.
The Aliağa Terminal Coastal Plant Risk Assessment
and Emergency Plan has been approved.
The Discharge Permit for our Haramidere Terminal
was renewed.
The Emission License was issued for our HaramidereTerminal.
The Discharge Permit for our İskenderun Terminal
was renewed.
EIA request has been filed to the Ministry of
Environment and Forestry for the capacity increase
of the port of Derince Terminal.
EIA Affirmative Paper for the Yarımca LPG Plant
has been granted.
Social responsibility projects:
Petrol Ofisi, which regards itself as a socially responsible
corporate citizen, continued to conduct several
social responsibility projects also in 2009.
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Petrol Ofisi entered into a strategic alliance and
partnership with the Turkish Community Volunteers
Foundation (TOG) to help the university
students around all parts of Turkey to build
self-confidence and take active participation in

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social life. Through the synergy created among
TOG and Petrol Ofisi’s wide social network, 16
thousand young volunteers from 88 university
clubs of 75 universities in 56 provinces took part
in the project. The social responsibility project
that is performed within the framework of this
strategic alliance will enlighten the future. The
“Dynamo Society Team”, created by Petrol Ofisi
employees that take part in the project developed
within the scope of TOG, has provided a
corporate identity for our company’s social responsibility
activities.
Petrol Ofisi Dynamo Society Team members
help young people familiarize with business
life. The members also participate in the Mentoring
Project run by TOG to give support to
the development of young people. Taking part
in the scholarship committee of TOG, some of
the volunteers from our company play an active
role in selecting the students to be granted
scholarships.
Within this framework, the company encourages
all its employees, retailers and shareholders
to become “Community Volunteer”s, supports
the civil initiatives formed by the young people
in line with the local needs, and organizes activities
which receive high participation.
Since November 2008, our company has organized
meetings in 16 provinces of Turkey which
brought retailers and young volunteers together,
and provided workshops that received high
participation.
Since 2005, Petrol Ofisi has been supporting the
“Daddy, Send Me to School” project organized
by Milliyet daily. Petrol Ofisi’s contribution so
far supported the elementary school education
of 500 young girls. The educations of 68 young
girls are supported by Petrol Ofisi employees
and dealers.
As Petrol Ofisi we support non-governmental
organizations such as the Turkish Foundation of
the Hearing and Speech-Impaired (TIV) which
aims to integrate hearing-impaired children
into society by early intervention and rehabilitation.
As well as implementing social responsibility
projects as a socially responsible corporate citizen,
Petrol Ofisi also participates in the projects
of Private Sector Volunteer Support Association
(ÖSGD), of which it is a corporate member. In
this framework, in 2009, within the scope of the
“School Friend” Project a book reading activity
aimed at the 3rd and the 4th graders and the “Career
Seminar”, which aims to introduce different
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ANNUAl rePort ‘09
professions to the 7 th and the 8 th graders, were
held in the Poligon Neighbourhood Kâzım Karabekir
Elementary School. The “reading books
on computers” project, which was carried out
to provide learning opportunity for visuallyimpaired
students, was implemented with the
participation of Petrol Ofisi employees.
In addition to Petrol Ofisi Elementary Schools in
Batman and Ankara, Petrol Ofisi supports education
by donating books, stationary and computers
to schools in need across Turkey.
4.6. Corporate Governance Actions
Petrol Ofisi became a member to the Turkish Corporate
Management Association (TKYD) working for ensuring
that enterprises enhance their performances
and become more competitive and well managed and
provide their stakeholders with the maximum possible
added value. Active participation is continuing.
5. THE BOARD OF DIRECTORS
5.1. The Structure and Composition of the
Board of Directors
The Petrol Ofisi Board of Directors shall be composed
of six (6), eight (8) or ten (10) members elected by
General Assembly. Of these, 4 are elected from among
candidates nominated by Class B shareholders, with
the remaining 4 coming from among those nominated
by Class A shareholders. Should a vacancy occur on
the Board of Directors due to such reasons as death,
resignation or dismissal of a member, the vacant position
is filled through an election held in accordance
with Article 315 of the Turkish Commercial Code. If
the position in question was vacated by a representative
of Class A shareholders, the new member is also
elected from among the candidates of this group. If
the position in question was vacated by a representative
of Class B shareholders, the new member is elected
from among the candidates of this group.
In 2009 Board of Directors was comprised of non executive
members. With the current structure of the
Company, non of Petrol Ofisi Board Members meets
the independence criteria specified in the Corporate
Governance Principles issued by the Capital Markets
Board. Although we are of the opinion that the existence
of independent members in the Board would
contribute to even a more professional management
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Members of the Board of Directors
MEMBER DUTY COMPANY
Aydın DOĞAN * Chairman Doğan Şirketler Grubu Holding A.Ş.
Tamas MAYER ** Vice Chairman OMV Aktiengesellschaft
Hanzade DOĞAN BOYNER Member Doğan Şirketler Grubu Holding A.Ş.
İmre BARMANBEK Member Doğan Şirketler Grubu Holding A.Ş.
M. Ergun KURAN Member Doğan Şirketler Grubu Holding A.Ş.
Manfred LEITNER Member OMV Aktiengesellschaft
Daniel TURNHEIM*** Member OMV Aktiengesellschaft
Stefan WALDNER*** Member OMV Aktiengesellschaft
* Aydın DOĞAN has resigned his positions as Chairman and Board of Directors Member on 11 February 2010. Hanzade
DOĞAN BOYNER has been appointed Chairwoman and Yahya ÜZDİYEN has been appointed member of the Board of
Directors.
** Tamas MAYER has been appointed Vice Chairman to replace Gerhard ROISS as of 17 December 2009.
*** On 17 December 2009, Daniel TURNHEIM and Stefan WALDNER have been appointed members of the Board of Directors
to replace Gerhard ROISS and David Charles DAVIES.
system, we need a certain transition period for achieving
this status. There are no restrictions or rules that
prevent Board members from accepting other jobs
outside of Petrol Ofisi.
5.2. Qualifications of Board Members
In addition to the minimum qualifications specified
in the Articles of Association, Board members are expected
to have attained a certain level of experience
and distinction in their careers. They are also expected
to be able to read and analyze financial tables and
statements; to have a basic understanding of the legal
arrangements to which the company is subject in the
performance of its daily and long-term operations,
and to be able and determined to attend all Board
meetings during the financial year.
In order to qualify as a Board member, candidates
need to have a record free of any prior convictions for
attempting or participating in any of the crimes specified
in the Corporate Governance Principles.
No training or orientation programs for Board members
have so far been necessary. Such programs shall
be organized by the Corporate Governance Committee,
if needed.
5.3. Risk Management and Internal Audit
Mechanism
Risk Management and Internal Control activities in
the company are being executed by the Internal Audit,
Risk Management, Financial Control Management
and Operational Control Management departments
structured under Compliance and Control Directorate
as of April 2007. Compliance and Control Director
reports to the Audit Committee of the Board of Directors.
Audit Committee examines the reports prepared
by Compliance and Control Directorate and submits
determined items to the Board of Directors.
Risk Management aims to describe the risks which can
negatively affect the Company’s objectives, and to establish
a system to manage those risks proactively. In
this context, risk prioritization study was completed;
risk measurement, assessment and control studies
have been initiated in coordination with related departments.
In order to ensure that risk assessment is
efficiently used within the decision making process,

the results of these studies are used in the establishment
of the strategic processes and for the determination
of audit requirements.
Internal Audit Department analyses the processes to
assure the compliance of activities with the rules and
regulations and to increase their efficiency; and then
assists in providing solutions to mitigate or eliminate
risks in coordination with the related departments.
Through the regular audit program that is set in line
with the risk prioritization study, it assesses the efficiency
of internal controls and monitors corrective actions
of the related findings.
Operational Control and Financial Control Departments
follow changes in rules regulations and coordinate
the compliance process of the company’s activities
to the new regulations. They propose changes to
the processes, by assessing activities according to the
requirements by means of control systems designed
specifically for this purpose.
5.4. Authority and Responsibilities of Board
Members and Executives
The Board of Directors is the administrative organ
representing the company. The Board of Directors has
both the obligation and the authority to perform all
duties other than those assigned to the General Assembly
by law and by the company’s Articles of Association.
According to Article 139 of the Turkish Commercial
Code and the company’s Articles of Association, the
Board of Directors is entitled to delegate some or all
of its managerial and representational powers to one
or several members; or jointly to one member and a
non-member executive, such as the General Manager
or one or more managers. It is also entitled to form
internal or external executive committees in order to
delegate its powers and obligations.
5.5. Activities of the Board of Directors
Agendas of Board meetings are determined in accordance
with the requirements of the company’s business,
as well as economic developments in Turkey and
the world. The Board of Directors meets when the Company
business necessitates and at least once a month.
Twelve board meetings were held in 2009. Agendas
and accompanying documents are sent to Board members
at least one week before the relevant meeting.
ANNUAl rePort ‘09
In matters specified in Section IV/Article 2.17.4 of the
CMB’s Corporate Governance Principles, members are
required to attend Board meetings in person.
The meeting quorum for all meetings of the Board
of Directors shall be attained if each member of the
Board of Directors nominated by the shareholders
holding the A Group shares and shareholders holding
B Group registered shares is present and all decisions
of the Board of Directors shall require the affirmative
votes of all members of the Board of Directors nominated
by the shareholders holding the A Group shares
and shareholders holding B Group registered shares.
Each member has only one vote and members of the
Board have equal voting rights.
There is a Board of Directors Secretariat to determine
the methods for preparing the agendas for Board
meetings, decide on the number of meetings to be
held as well as the methods and processes related to
participation and announcements during the period,
and to provide information to and maintain communications
with Board members on all matters.
No opposite votes have been casted in any of the
board meetings held in 2009.
5.6. Prohibition of Carrying out Transactions
and Competing with the Company
The General Assembly is entitled to permit the situations
specified in Articles 334 and 335 of the Turkish
Commercial Code. The permission in question was
granted for 2009 by the General Assembly and there
were no cases of conflicting interests.
5.7. Ethical Rules
The ethical rules of our company are stated below.
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To act in compliance with laws, regulations and
company procedures.
To carry out Petrol Ofisi activities with honesty
and openness.
To keep the information regarding Petrol Ofisi
A.Ş. confidential.
To treat Petrol Ofisi employees fairly and to provide
them with opportunities of career development.
To avoid any business activities related with oil
or lubricant manufacturing, transportation or
trade.
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To be a good representative of the corporate
identity of Petrol Ofisi in all activities and contacts
with dealers, contractors and customers
and to adopt the following principles:
− To avoid receiving financial benefits from
third parties (dealers, contractors, customers).
− To avoid receiving direct or indirect benefits
from third parties (dealers, contractors, customers)
such as payment, service or debt.
− To avoid accepting gifts from third parties
(dealers, contractors, customers), except for
the promotional items with a value less than
50 US dollars.
To support the Company in attaining the profitability
aims by acting in a way that will promote
the benefits of the Company shareholders.
To select subcontractor firms carefully and to
protect Petrol Ofisi’s interests in making decisions
regarding investment, purchase and expenditure.
To perform honest and open business relations
with subcontractor firms.
To respect competition rules.
To avoid using Company’s activities, assets or
information to gain benefits for oneself or third
parties.
To record all procedures in the company records
in a correct and complete way and to account
for all the procedures, if necessary.
To inform the Petrol Ofisi management in case
a relative is working in the client, dealer or rival
companies.
To ensure that books, articles and essays related
with company’s activities are not published
without management’s knowledge or
approval.
Corporate Values of Petrol Ofisi that have been established
during the wide scale participation meetings
under the heading “From the Most Significant to the
Better” are stated below;
•
•
•
•
•
Good company in the front of the laws, the
community and its stakeholders.
Company with a vision, which establishes its
strategies together with its stakeholders and
reflects them upon business results.
Pioneering and innovative Company which reshapes
the rules.
Customer-oriented Company, all activities of
which are triggered by its customers.
Company with a Health, Safety and Environment
awareness.
•
•
•
Open and transparent Company where information
can be explicitly shared, with an understanding
of cooperation and a spirit of solidarity.
Participating Company where distances among
communications and relations have been eliminated.
Company working for 24 hours a day.
5.8. Number, Structure and Independence of
the Committees established by the Board of
Directors
There are two committees that report to the Board
of Directors. Audit committee analyses financial statements
before presenting them to the approval of the
Board of Directors for public disclosure.
The function of the Corporate Governance Committee
is to direct, coordinate and supervise departmental
activities, and to perform the improvement work necessary
for compliance with the Company’s Corporate
Governance Principles, with a view to strengthening
the corporate structure.
None of the Company’s Audit and Corporate Governance
Committee members have executive positions.
5.9. Remuneration of the Board of Directors
The rights, benefits and salaries of Board members
are determined annually by the General Assembly. In
the Regular General Assembly it was decided for each
member to receive a monthly gross salary of 5,000 TL.
In 2009, no dividends were paid to Board Members.
The company does not provide loans, extend credits
under the name of “personal credits” through third
parties or provide warranties such as securities to any
Board member or manager.

Petrol ofisi A.Ş.
CoNsolIDAteD fINANCIAl stAteMeNts AND
INDePeNDeNt AUDItors’ rePort
ANNUAl rePort ‘09
127

128
CONVENIENCE TRANSLATION OF THE REPORT AND THE FINANCIAL STATEMENTS
ORIGINALLY ISSUED IN TURKISH
To the Board of Directors of
PETROL OFİSİ A.Ş.
INDEPENDENT AUDITORS’ REPORT
We have audited the accompanying consolidated financial statements of Petrol Ofisi A.Ş. (the “Company”) and
its subsidiaries (together the “Group”) which comprise the consolidated balance sheet as at December 31, 2009,
and the consolidated statement of comprehensive income, statement of changes in equity and cash flow statement
for the year then ended, and a summary of significant accounting policies and other explanatory notes.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting standards published by Capital Markets Board. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with auditing standards published by Capital Markets Board. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.

Opinion
ANNUAl rePort ‘09
In our opinion, the accompanying consolidated financial statements give a true and fair view of the financial
position of Petrol Ofisi A.Ş. and its subsidiaries as of December 31, 2009, and of its financial performance and
its cash flows for the year then ended in accordance with the financial reporting standards published by Capital
Markets Board.
Without qualifying our opinion, as explained in footnotes, the Company has restated some opening balances in
the current period in accordance with Financial Reporting Standards issued by Capital Markets Board.
İstanbul, February 24, 2010
DRT BAĞIMSIZ DENETİM VE SERBEST MUHASEBECİ MALİ MÜŞAVİRLİK A.Ş.
Member of DELOITTE TOUCHE TOHMATSU
Gökhan Alpman
Partner
129

130
CONTENTS PAGE
CONSOLIDATED BALANCE SHEET .......................................................................................................... 131
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ................................................................. 133
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY........................................................................... 134
CONSOLIDATED STATEMENT OF CASH FLOWS ...................................................................................... 135
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ............................................................................. 136-215
NOTE 1 ORGANIZATION AND OPERATIONS OF THE COMPANY ......................................................... 136
NOTE 2 BASIS OF PRESENTATION OF FINANCIAL STATEMENTS ......................................................... 138
NOTE 3 BUSINESS COMBINATIONS .................................................................................................... 160
NOTE 4 PARTNERSHIPS ...................................................................................................................... 160
NOTE 5 SEGMENTAL INFORMATION .................................................................................................. 160
NOTE 6 CASH AND CASH EQUIVALENTS ............................................................................................ 163
NOTE 7 FINANCIAL ASSETS ................................................................................................................ 163
NOTE 8 FINANCIAL BORROWINGS ..................................................................................................... 165
NOTE 9 OTHER FINANCIAL LIABILITIES ............................................................................................... 168
NOTE 10 TRADE RECEIVABLES AND PAYABLES ..................................................................................... 169
NOTE 11 OTHER RECEIVABLES AND PAYABLES ..................................................................................... 171
NOTE 12 RECEIVABLES AND PAYABLES FROM FINANCIAL SECTOR OPERATIONS ................................. 172
NOTE 13 INVENTORIES.......................... .............................................................................................. 172
NOTE 14 BIOLOGICAL ASSETS .............................................................................................................. 172
NOTE 15 RECEIVABLES FROM ONGOING CONSTRUCTION CONTRACTS AND ACCRUED INCOME ....... 172
NOTE 16 INVESTMENTS VALUED BY EQUITY METHOD ........................................................................ 172
NOTE 17 INVESTMENT PROPERTY ....................................................................................................... 172
NOTE 18 TANGIBLE FIXED ASSETS ........................................................................................................ 173
NOTE 19 INTANGIBLE ASSETS .............................................................................................................. 175
NOTE 20 GOODWILL ............................................................................................................................ 176
NOTE 21 GOVERNMENT GRANTS AND INCENTIVES ............................................................................ 177
NOTE 22 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS ..................................... 177
NOTE 23 COMMITMENTS .................................................................................................................... 180
NOTE 24 EMPLOYMENT BENEFITS ....................................................................................................... 181
NOTE 25 RETIREMENT BENEFITS ......................................................................................................... 181
NOTE 26 OTHER SHORT/LONG TERM ASSETS AND SHORT/LONG TERM LIABILITIES ........................... 182
NOTE 27 EQUITY .................................................................................................................................. 183
NOTE 28 SALES AND COST OF SALES ................................................................................................... 186
NOTE 29 RESEARCH AND DEVELOPMENT EXPENSES, MARKETING, SALES AND
DISTRIBUTION EXPENSES, GENERAL ADMINISTRATIVE EXPENSES ........................................ 187
NOTE 30 EXPENSES BY NATURE ........................................................................................................... 187
NOTE 31 OTHER OPERATING INCOME AND EXPENSE .......................................................................... 189
NOTE 32 FINANCE INCOME ................................................................................................................. 190
NOTE 33 FINANCE EXPENSES ............................................................................................................... 190
NOTE 34 ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS ................................................. 190
NOTE 35 TAX ASSETS AND LIABILITIES ................................................................................................. 191
NOTE 36 EARNINGS PER SHARE ........................................................................................................... 194
NOTE 37 RELATED PARTY TRANSACTIONS ........................................................................................... 195
NOTE 38 NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS ........................... 198
NOTE 39 FINANCIAL INSTRUMENTS
(EXPLANATIONS RELATED TO FAIR VALUE AND HEDGE ACCOUNTING) ................................ 213
NOTE 40 SUBSEQUENT EVENTS ........................................................................................................... 215
NOTE 41 OTHER EVENTS THAT SIGNIFICANTLY AFFECT THE FINANCIAL STATEMENTS OR
OTHER ISSUES REQUIRED FOR THE CLEAR UNDERSTANDING OF FINANCIAL STATEMENTS . 215

PETROL OFİSİ A.Ş.
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
ANNUAl rePort ‘09
Current Period Prior Period
December 31, 2008
Notes December 31, 2009
(Restated)
ASSETS
Current Assets 3.185.449.277 3.382.641.971
Cash and Cash Equivalents 6 1.390.184.476 1.535.732.285
Financial Instruments 7 56.837.207 104.937.763
Trade Receivables 10 868.470.755 824.837.441
Other Trade Receivables 10 865.394.785 822.043.263
Due from Related Parties 37 3.075.970 2.794.178
Other Receivables 11 16.925.280 60.119.021
Inventories 13 797.958.417 779.647.973
Other Current Assets 26 55.073.142 77.367.488
Long Term Assets 3.747.699.733 3.552.446.928
Trade Receivables 10 10.623.701 6.464.094
Other Receivables 11 667.263 906.808
Financial Assets 7 135.892 135.892
Tangible Fixed Assets 18 1.357.409.333 1.218.531.916
Intangible Fixed Assets 19 35.039.117 8.658.935
Goodwill 20 2.230.454.638 2.230.454.638
Deferred Tax Assets 35 1.705.532 744.904
Other Long Term Assets 26 111.664.257 86.549.741
TOTAL ASSETS 6.933.149.010 6.935.088.899
The consolidated financial statements prepared as of and for the period ended December 31, 2009 have been approved
by the Board of Directors on February 24, 2010.
The accompanying notes form an integral part of these consolidated financial statements.
131

132
PETROL OFİSİ A.Ş.
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
Current Period Prior Period
December 31, 2008
Notes December 31, 2009
(Restated)
LIABILITIES
Short Term Liabilities 2.399.694.213 2.289.102.864
Financial Borrowings 8 547.907.431 130.391.967
Other Financial Liabilities 9 4.857.012 18.844.919
Trade Payables 10 1.449.880.125 1.696.574.277
Other Trade Payables 10 1.449.324.826 1.694.539.381
Due to Related Parties 37 555.299 2.034.896
Other Payables 11 311.839.327 377.375.900
Current Tax Liability 35 13.896.505 759.625
Provisions 22 39.595.199 28.396.553
Other Short Term Liabilities 26 31.718.614 36.759.623
Long Term Liabilities 1.518.688.797 1.892.553.891
Financial Borrowings 8 870.560.142 853.112.442
Trade Payables 10 584.335.822 966.823.460
Other Payables 11 980.099 804.620
Provisions 22 2.594.584 2.008.360
Provisions for Employment Benefits 24 10.890.856 10.125.903
Deferred Tax Liabilities 35 49.317.129 59.664.698
Other Long Term Liabilities 26 10.165 14.408
SHAREHOLDERS’ EQUITY 3.014.766.000 2.753.432.144
Parent Company Shareholders’ Equity 27 2.998.585.863 2.747.035.667
Paid-in Capital 27 577.500.000 550.000.000
Inflation Adjustment of Capital 874.738.210 874.738.210
Additional Paid in Capital 27 247.461.598 247.461.598
Share Issue Premium 1.831.496 1.831.496
Currency Translation Reserve 169.488 164.996
Restricted Reserves Assorted from Profit 27 231.886.143 227.256.811
Retained Earnings 27 777.643.542 744.675.753
Net Profit for the Period 287.355.386 100.906.803
Minority Interest 27 16.180.137 6.396.477
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 6.933.149.010 6.935.088.899
The accompanying notes form an integral part of these consolidated financial statements

PETROL OFİSİ A.Ş.
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
Notes
Current Period
January 1-December
31, 2009
ANNUAl rePort ‘09
Prior Period
January 1-
December 31, 2008
(Restated)
CONTINUED OPERATIONS
Sales Revenue (net) 28 14.094.912.129 17.194.444.698
Cost of Sales (-) 28 (13.078.890.665) (15.990.174.308)
GROSS PROFIT/LOSS 1.016.021.464 1.204.270.390
Research and Development Expense(-) 29 (1.653.750) -
Marketing, Sales and Distribution Expenses (-) 29 (302.778.577) (314.877.024)
General Administration Expenses (-) 29 (83.414.178) (77.353.282)
Other Operating Income 31 24.584.246 16.997.665
Other Operating Expenses (-) 31 (41.422.914) (45.780.816)
OPERATING PROFIT/LOSS 611.336.291 783.256.933
Finance Income 32 930.345.542 793.568.726
Finance Expense (-) 33 (1.177.709.456) (1.444.280.068)
PROFIT BEFORE TAXATION FROM CONTINUED
OPERATIONS 363.972.377 132.545.591
Tax Income/Expenses From Continued Operations 35 (72.194.471) (29.843.104)
- Current Tax Income/Expense (81.404.794) (21.121.567)
- Deferred Tax Income/Expense 9.210.323 (8.721.537)
PROFIT/LOSS FROM CONTINUED OPERATIONS 291.777.906 102.702.487
PROFIT/LOSS FOR THE PERIOD 291.777.906 102.702.487
Other comprehensive income
Currency Translation Reserve 4.492 201.493
Income tax relating to components of other
comprehensive income - -
Other comprehensive income for the period, net of tax 4.492 201.493
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 291.782.398 102.903.980
Distribution of Profit/Loss for the Period
Minority Interest 27 4.422.520 1.795.684
Parent Company Share 287.355.386 100.906.803
Distribution of Total Comprehensive Income for the
Period
Minority Interest 27 4.422.520 1.795.684
Parent Company Share 287.359.878 101.108.296
Earnings Per Share 36 0,498 0,175
The accompanying notes form an integral part of these consolidated financial statements
133

134
PETROL OFİSİ A.Ş.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
Total
Equity
Minority
Interest
Parent
Company
Equity
Period
Profit/Loss
Retained
Earnings
Currency
Translation
Reserve
Restricted
Reserves
Assorted
from Profit
Share
Issue
Premium
Additional
Paid-in
Capital
Inflation
adjustment
of Capital
Note Capital
January 1, 2008
492.000.000 874.738.210 247.461.598 1.831.496 208.523.681 (36.497) 510.700.671 310.708.212 2.645.927.371 4.602.888 2.650.530.259
Transfers from
retained earnings 58.000.000 - - - 18.733.130 - 233.975.082 (310.708.212) - - -
Minority’s share in
capital increase - - - - - - - - - 150 150
Minority interest - - - - - - - - - (2.245) (2.245)
Total comprehensive
income for the period
- - - - - 201.493 - 105.466.655 105.668.148 1.795.684 107.463.832
December 31, 2008
(as reported) 27 550.000.000 874.738.210 247.461.598 1.831.496 227.256.811 164.996 744.675.753 105.466.655 2.751.595.519 6.396.477 2.757.991.996
January 1, 2009
(as previously
reported) 550.000.000 874.738.210 247.461.598 1.831.496 227.256.811 164.996 744.675.753 105.466.655 2.751.595.519 6.396.477 2.757.991.996
Adjustment effects
(Note 2.4, 2.6) - - - - - - (35.809.682) (4.559.852) (40.369.534) (40.369.534)
January 1, 2009
(as restated) 550.000.000 874.738.210 247.461.598 1.831.496 227.256.811 164.996 708.866.071 100.906.803 2.711.225.985 6.396.477 2.717.622.462
Transfers from
retained earnings 27 27.500.000 - - - 4.629.332 - 68.777.471 (100.906.803) - - -
Minority’s share in
capital increase - - - - - - - - - 5.363.310 5.363.310
Dividend paid to
minorities - - - - - - - - - (2.170) (2.170)
Total comprehensive
income for the period - - - - - 4.492 - 287.355.386 287.359.878 4.422.520 291.782.398
December 31, 2009 27 577.500.000 874.738.210 247.461.598 1.831.496 231.886.143 169.488 777.643.542 287.355.386 2.998.585.863 16.180.137 3.014.766.000
The accompanying notes form an integral part of these consolidated financial statements

PETROL OFİSİ A.Ş.
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
ANNUAl rePort ‘09
January 1 -
January 1 -
December 31,
December 31,
2008
Cash flows from operating activities Notes
2009 (Restated))
Income before taxation 363.972.377 132.545.591
Adjustments to reconcile net income to net cash from operating activities:
Amortization and depreciation 18,19 154.159.347 121.308.004
Increase in retirement pay provision 24 2.751.364 3.471.080
Interest (income)/expense – net 32,33 245.340.400 200.929.009
Gain/loss on sale of fixed assets 31 (5.517.411) 751.956
Doubtful receivable provision – net 10 7.915.782 11.218.468
Deferred finance (income)/ expense – net 32,33 (520.138) (2.879.883)
Change in fair value of derivative instruments 7,9 68.566.205 (193.156.723)
Provision for litigation and other provision 14.443.001 9.157.173
Accrued foreign exchange loss/(gain) on letter of credits and bank loans (10.835.746) 216.978.885
Net cash before changes in operating assets and liabilities 840.275.181 500.323.560
(Increase)/decrease in trade receivables (55.188.564) 350.213.943
(Increase)/decrease in other receivables 11 43.433.286 (9.317.674)
(Increase)/decrease in inventories 13, 2.4 (68.268.000) (33.070.402)
(Increase)/decrease in other current assets 22.294.346 3.295.241
(Increase)/decrease in other long-term assets 26 (25.114.516) (71.014.919)
Increase/(decrease) in trade payables (474.034.883) 1.008.437.622
(Decrease)/increase in other payables 11, 2.4 (51.213.220) (28.719.095)
Increase/(decrease) in other short term liabilities (7.699.141) 10.864.231
(Decrease)/increase in other long term borrowings 26 (4.243) (6.246.012)
Retirement pay provision paid 24 (1.986.411) (2.806.746)
Taxes and dues paid (70.365.787) (88.786.759)
Net cash provided by operating activities 152.128.048 1.633.172.990
Investing activities
Purchase of tangible fixed assets and intangible assets 18, 19 (329.196.208) (294.007.574)
Proceeds from sale of fixed assets 16.423.970 5.654.033
Interest income received 49.291.684 52.317.867
Net cash used in investing activities (263.480.554) (236.035.674)
Financing activities
Repayment of borrowing (241.264.543) (427.075.969)
Proceeds from borrowing 693.509.121 520.432.174
Letter of credits paid in trade payables (155.146.907) (245.874.650)
Finance lease payments (14.252.669) (9.969.442)
Interest paid (288.034.880) (228.624.121)
Minority’s share in capital increase of subsidiaries 5.361.139 (2.095)
Change in deposits for derivative transactions (net) 7,9 (34.453.556) 125.209.171
Net cash used in financing activities (34.282.295) (265.904.932)
Currency translation differences 46.678 45.144
Net increase/(decrease) in cash and cash equivalents (145.588.123) 1.131.277.528
Cash and cash equivalents at the beginning of the period 1.534.943.725 403.666.197
Cash and cash equivalents at the end of the period 6 1.389.355.602 1.534.943.725
Letters of credits that bear interest are classified under financing activities and letters of credits which do not bear interest
are classified under trade payables. Additions to property, plant and equipment in 2009 amounting to TRY 1.169.483 (2008:
TL 4.243.246) were financed by new finance leases.
The accompanying notes form an integral part of these consolidated financial statements
135

136
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 1 – ORGANIZATION AND OPERATIONS OF THE COMPANY
Petrol Ofisi A.Ş. (the “Company”) and its subsidiaries will be referred to as the “Group” for consolidated financial
statements. The Company is engaged primarily in the supply and marketing of fuel from domestic and foreign
markets, the organization of distribution and storing, the additional sales of refinery subsidiary products, the
production of all types of grease and lubricants and their by-products, blending, the establishment of blending
and production facilities, whole and retail sales, import and export. The activities of the Company’s subsidiaries
are explained in detail below. The Group has 3.095 dealer stations (Petrol Ofisi: 2.811, Kipet: 87, Erk: 197), 1
lubricant blending plant, 10 fuel and 2 LPG terminal, and 35 aviation supply units. As of December 31, 2009, the
number of personnel is 1.128 (December 31, 2008: 1.168).
The Company is registered in Turkey and the address of the registered office is as follows:
Eski Büyükdere Caddesi No: 37, 34398 Maslak, İstanbul
The shares of the Company are quoted to İstanbul Stock Exchange Market (ISE) since 1991.
The main shareholders of the Company are Doğan Şirketler Grubu Holding A.Ş. (“Doğan Holding”) and OMV Aktiengesellschaft
(“OMV”). The shareholders’ detail as of the balance sheet dates is provided in Note 27.
The subsidiaries (the “Subsidiaries”) of the Company and their nature of businesses are as follows:
Kıbrıs Türk Petrolleri Ltd. (“KIPET”) was established in 1974 in the Turkish Republic of Northern Cyprus and its
primary operation is fuel distribution.
PO Petrofinance N.V. (“Petrofinance”) was founded in the Netherlands in 2002 in order to generate funds, borrow
money and grant loans. With the 9. decision in board minute dated February 5, 2009; it was being decided
to close the entity and to transfer all assets and liabilities to Petrol Ofisi A.Ş.
Erk Petrol Yatırımları A.Ş. (“ERK”), which was established in 2003 is engaged in the supply of fuel, petroleum
products, LPG and similar products from domestic and foreign markets and their marketing, the organization of
distribution and storing, the additional sales of refinery by-products, the production of all types of grease and
lubricants and their by-products, blending, establishing blending and production facilities, whole-sales and retail
sales, import and export.
PO Oil Financing Ltd. (“PO Oil Financing”), was founded in the Cayman Islands in 2004 in order to generate funds
in international markets. With the 9. decision in board minute dated February 5, 2009, it was being decided to
close the entity and to transfer all assets and liabilities to Petrol Ofisi A.Ş.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 1 – ORGANIZATION AND OPERATIONS OF THE COMPANY (cont’d)
ANNUAl rePort ‘09
Petrol Ofisi Alternatif Yakıtlar Toptan Satış A.Ş. (“PO Alternatif Yakıtlar”), was established in Turkey in January
2005 for the purpose of operating in natural gas market, improving natural gas usage, exporting and importing of
natural gas, liquidified natural gas and similar products, selling and distributing, organizing distribution, storing
and modulation activities domestically and abroad.
Petrol Ofisi Gaz İletim A.Ş. (“PO Gaz İletim”), was established in Turkey in January 2005 for the purpose of functioning
in natural gas market, supporting natural gas usage, transmission, filling and delivery in natural gas sector,
preparing projects of transportation vehicles and plants, constructing them, operating them, making agreements
with the companies active in natural gas sector in Turkey and carrying natural gas, storing and organizing activities
for modulation domestically and abroad.
Petrol Ofisi Akdeniz Rafinerisi Sanayi ve Ticaret A.Ş. (“Akdeniz Rafinerisi”), was established in June 2007 for
building a petroleum refinery in Ceyhan.
PO Georgia LLC (“PO Georgia”) was established in May 2007 in Georgia to provide services in aviation, to establish
a fuel retail network and to provide support services in relation to fuel distribution activities.
Petrol Ofisi Arama Üretim Sanayi ve Ticaret Anonim Şirketi (“PO Arama Üretim”) has been established to perform
exploration, production, development, transportation, marketing, sales activities and offshore and onshore
operations of all kinds related but not limited to subsoil industrial raw materials including hydrocarbons, oil, associated
and/or non-associated natural gas, carbon dioxide and coal bed in accordance with Petroleum Market
Law numbered 6326 and the related legislation on September 2008. PO Arama Üretim took up %26,75 shares
of Güney Akçakoca Natural Gas Research Development and Production Project, which was belong to Toreador
Türkiye Ltd. Şti., in exchange for 55.000.000 USD.
Marmara Depoculuk Hizmetleri Sanayi ve Ticaret Anonim Şirketi (“Marmara Depoculuk), has been established in
July 2009 to meet the needs of businesses owned by third parties in bulk and packaged petroleum products and
lubricant oil storage and general warehouse management activities in accordance with the Petroleum Market
Law and the Petroleum Market Regulation numbered 5015 and its related legislations.
137

138
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS
2.1 Basis of the presentation
The Company and its Turkish subsidiaries maintain their books of account and prepare their statutory financial
statements in accordance with accounting principles in the Turkish Commercial Code and tax legislation. Subsidiaries
operating in foreign countries maintain their books of account in the currencies of those countries and
prepare their statutory financial statements in accordance with the legislation effective in those counties.
Capital Market Board (CMB) Decree No XI-29 “Capital Markets Financial Reporting Standards” provides principals
and standards regarding the preparation and presentation of financial statements. This Decree became effective
for periods beginning after January 1, 2008 and with its issuance Decree No XI-25 “Capital Markets Accounting
Standards” was annulled. Based on this Decree, the companies are required to prepare their financial statements
based on International Financial Reporting Standards (“IFRS”) as accepted by the European Union. However during
the period in which the differences between the standards accepted by European Union and the standards
issued by International Accounting Standards Board (“IASB”) are announced by Turkish Accounting Standards
Board (“TASB”), IAS/ IFRS will be applied. In this scope, Turkish Accounting/ Financial Reporting Standards issued
by TASB which do not contradict to the standards accepted will be adopted.
The accompanying consolidated financial statements have been prepared in accordance with IFRS and comply
with CMB’s decree announced on 14 April 2008 regarding the format of the financial statements and footnotes
since at the date of the issuance of these financial statements the differences of IAS/ IFRS accepted by the European
Union are not declared by the TASB. The accompanying financial statements also comply with the disclosure
format of “Nature and Level of Risks Derived from Financial Instruments” as announced by CMB in the
Weekly Bulletin dated 17 April 2008-09 January 2009 and numbered 2009/2.
Presentation in Turkish Lira
Effective January 1, 2005, New Turkish Lira was defined as the new currency unit of Republic of Turkey, by omitting
last six digits of Turkish Lira. Effective January 1, 2009, Council of Ministers legislated for the removal of
“New” from the definition of the currency unit. Consequently, the functional and reporting currency, the financial
statements as of 31 December 2009 and the comparative figures are presented in TL.
2.2 Preparation of Financial Statements in Hyperinflationary Periods
CMB, with its resolution dated 17 March 2005 declared that companies operating in Turkey which prepare their
financial statements in accordance with CMB Accounting Standards, effective January 1, 2005, will not be subject
to the application of inflation accounting. Consequently, in the accompanying financial statements IAS 29
“Financial Reporting in Hyperinflationary Economies” was not applied since January 1, 2005.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.3 Consolidation
(i) Subsidiaries
ANNUAl rePort ‘09
Subsidiaries are companies in which the Company has power to control directly. Control power means that the
benefits flow to the Company and that the Company has direct or indirect power to affect the financial and
operating policies of the related companies. Subsidiaries are consolidated from the date on which control is
transferred to the Company and are no longer consolidated from the date that control ceases. Subsidiaries and
proportion of ownership interest as of December 31, 2009 and December 31, 2008 are shown below:
Name
December 31,
2009
Proportion (%)
December 31,
2008
KIPET 52,00 52,00
Petrofinance 100,00 100,00
ERK 99,96 99,96
PO Oil Financing 100,00 100,00
PO Alternatif Yakıtlar 99,89 99,89
PO Gaz İletim 99,75 99,75
Akdeniz Rafinerisi 99,99 99,99
PO Georgia 100,00 100,00
PO Arama Üretim 99,96 99,96
Marmara Depoculuk 89,97 -
(ii) Eliminations
All the intercompany transactions, balances between the Company and its Subsidiaries and all unrealized gains
are eliminated in the consolidated financial statements. Unrealized losses from intercompany transactions, in
the case of no evidence for decrease in value, have been eliminated by the method which is used for elimination
of unrealized gains.
(iii) Translation of foreign subsidiary financial statements
The foreign subsidiaries maintain their books of accounts in accordance with the laws and regulations in force
in the countries, in which they are registered and necessary adjustments and reclassifications made for the fair
presentation in accordance with IFRS. The assets and liabilities of foreign subsidiaries are translated into Turkish
Lira using the relevant foreign exchange rates prevailing at the balance sheet date. The incomes and expenses of
the foreign subsidiaries are translated into Turkish Lira using average exchange rates for the period. Exchange differences
arising from using period-end and average exchange rates are included in currency translation reserve
under equity.
2.4 Comparative Information and Restatement of Prior Period Financial Statements
Consolidated financial statements of the Group have been prepared comparatively with the prior period in order
to give information about financial position and performance. If the presentation or classification of the financial
statements is changed, in order to maintain consistency, financial statements of the prior periods are also reclassified
in line with the related changes.
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PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.4 Comparative Information and Restatement of Prior Period Financial Statements (cont’d)
Further to the issuance of the Group’s consolidated financials as of 31 December 2008, adjustments according to
IAS 8. 42-45 due to valuation issue on an isolated part of inventory have been recorded, thus resulting in the followings:
(1) reduction of the 2009 opening inventory of TL 49.957.556, (2) reduction of the 2009 opening other
payables of TL 14.147.874 and (3) reduction of the opening retained earnings of TL 35.809.682.
2.5 Offsetting
Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when
there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net
basis, or realize the asset and settle the liability simultaneously.
2.6 Adoption of new and revised standards
In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the
International Accounting Standards Board (“the IASB”) and the International Financial Reporting Interpretations
Committee (“IFRIC”) of the IASB that are relevant to its operations and effective for accounting periods beginning
on January 1, 2009.
IAS 1, “Presentation of financial statements” (Amendment)
The revised standard will prohibit the presentation of items of income and expenses (that is, ‘non-owner changes
in equity’) in the statement of changes in equity, requiring ‘non-owner changes in equity’ to be presented
separately from owner changes in equity. The revised standard gives preparers of financial statements the option
of presenting items of income and expense and components of other comprehensive income either in a single
statement of comprehensive income or in two separate statements (a separate income statement followed by
a statement of comprehensive income). Therefore, the Company elected to present the items of income and
expenses and components of other comprehensive income in one statement format. The financial statements
and notes are prepared in accordance with the revisions to the standard.
The revised standard does not have an impact on financial position and statements of Group.
IFRS 8, “Operating segments”
IFRS 8 “Operating Segments” replaces IAS 14 “Segment Reporting”. This standard requires the identification of
operating segments on the basis of internal reports that are regularly reviewed by the entity’s chief operating
decision maker in order to allocate resources to the segment and assess its performance. In addition, the segments
are reported in a manner that is more consistent with the internal reporting provided to the chief operating
decision-maker. As explained in Note 5, the above criteria had no additional effect over the consolidated
financial statements.
IFRIC 13, “Customer Loyalty Programs”
In accordance with IFRIC 13, an entity shall account for award credits as a separately identifiable component of
the sales transactions in which they are granted (the ‘initial sale’). The fair value of the consideration received or
receivable in respect of the initial sale shall be allocated between the award credits and the other components
of the sale.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.6 Adoption of new and revised standards (cont’d)
ANNUAl rePort ‘09
In 2008, the Group has introduces the customer loyalty program, PO Card. Until 31 December 2008, the Group accounted
for the obligation by providing for the estimated future costs of supplying the awards. Effective January
1, 2009, award credits are accounted for as a separately identifiable component of the sales transactions in
which they are granted (the ‘initial sale’). The fair value of the consideration received or receivable in respect of
the initial sale shall be allocated between the award credits and the other components of the sale.
First time application of IFRIC 13 is a change in accounting policy of the Group and this change has been applied
retrospectively in accordance with IAS 8. The restatement of prior period financial statements is as follows:
As Previously Reported IFRIC 13 Restated
31 December 2008 Restatment Effect 31 December 2008
Provisions 30.419.414 (2.022.861) 28.396.553
Other Short Term Liabilities 29.036.948 7.722.675 36.759.623
Deferred Tax Liabilities 60.804.660 (1.139.962) 59.664.698
SHAREHOLDERS’ EQUITY 2.757.991.996 (4.559.852) 2.753.432.144
Parent Company Shareholders’ Equity 2.751.595.519 (4.559.852) 2.747.035.667
Net Profit for the Period 105.466.655 (4.559.852) 100.906.803
January 1 –
31 December 2008
IFRIC 13
Restatement
Effect
January 1 –
December 31, 2008
CONTINUED OPERATIONS
Sales Revenue (net) 17.202.167.375 (7.722.677) 17.194.444.698
Other operating expenses
PROFIT/LOSS FROM CONTINUED
(47.803.679) 2.022.863 (45.780.816)
OPERATIONS 138.245.405 (5.699.814) 132.545.591
Deferred Tax Income/Expense (9.861.499) 1.139.962 (8.721.537)
PROFIT/LOSS FOR THE PERIOD 107.262.339 (4.559.852) 102.702.487
Distribution of Profit/Loss for the Period
Minority Interest 1.795.684 - 1.795.684
Parent Company Share 105.466.655 (4.559.852) 100.906.803
Earnings per share 0,183 0,175
Since the application of customer loyalty program began at April 2008, there is no restatement effect on the
periods ended December 31, 2007. For this reason, the balance sheet of earliest comparative period (January 1,
2008) has not been presented.
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PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.6 Adoption of new and revised standards (cont’d)
IAS 23, “(Amendment) Borrowing Costs”
To the extend that the borrowing costs relate to the acquisition, construction or production of a qualifying asset,
The revised standard requires that they should be capitalized as part of the cost of that asset. The amendment
eliminates the option to recognize all borrowing costs immediately as expense. The Group has adopted the accounting
policy that borrowing costs directly attributable to the acquisition, construction or production of qualifying
assets, which are assets that necessarily take a substantial period of time to get ready for their intended
use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale. There are no capitalized borrowing costs in 2008.
There are not any significant changes in assets and liabilities of the Group except for the effects mentioned
above.

NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.6 Adoption of new and revised standards (cont’d)
ANNUAl rePort ‘09
Standards and Interpretations that are effective in 2009 with no impact on the 2009 financial statements
The following new and revised Standards and Interpretations have also been adopted in these financial statements.
Their adoption has not had any significant impact on the amounts reported in these financial statements
but may impact the accounting for future transactions or arrangements.
Amendments to IFRS 1 First-time
Adoption of International Financial
Reporting Standards and IAS 27
Consolidated and Separate Financial
Statements – Cost of an Investment in
a Subsidiary, Jointly Controlled Entity
or Associate
Amendments to IFRS 2 Share-based
Payment - Vesting Conditions and
Cancellations
IAS 32 Financial Instruments:
Presentation and IAS 1 The
Presentation of Financial Statements
– Amendments relating to puttable
instruments and obligations arising
on liquidation.
Amendments to IAS 39 Financial Instruments:
Recognition and Measurement
– Eligible Hedged Items
Embedded Derivatives (Amendments
to IFRIC 9 and IAS 39)
IFRIC 15 Agreements for the Construction
of Real Estate
IFRIC 16 Hedges of a Net Investment
in a Foreign Operation
The amendments deal with the measurement of the cost of investments
in subsidiaries, jointly controlled entities and associates when
adopting IFRSs for the first time and with the recognition of dividend
income from subsidiaries in a parent’s separate financial statements.
The amendments clarify the definition of vesting conditions for the
purposes of IFRS 2, introduce the concept of ‘non-vesting’ conditions,
and clarify the accounting treatment for cancellations.
As a result of the amendments, some financial instruments that currently
meet the definition of a financial liability will be classified as equity
because they represent the residual interest in the net assets of
the entity.
The amendments provide clarification on two aspects of hedge accounting:
identifying inflation as a hedged risk or portion, and hedging
with options.
The amendments clarify the accounting for embedded derivatives
in the case of a reclassification of a financial asset out of the ‘fair
value through profit or loss’ category as permitted by the October
2008 amendments to IAS 39 Financial Instruments: Recognition and
Measurement (see above).
The Interpretation addresses how entities should determine whether
an agreement for the construction of real estate is within the scope of
IAS 11 Construction Contracts or IAS 18 Revenue and when revenue
from the construction of real estate should be recognized. The requirements
have not affected the accounting for the Group’s construction
activities.
The Interpretation provides guidance on the detailed requirements for
net investment hedging for certain hedge accounting designations.
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PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.6 Adoption of new and revised standards (cont’d)
Standards and Interpretations that are effective in 2009 with no impact on the 2009 financial statements
(cont’d)
IFRIC 18 Transfers of Assets from Customers
(adopted in advance of effective
date of transfers of assets from
customers received on or after 1 July
2009)
The Interpretation addresses the accounting by recipients for transfers of
property, plant and equipment from ‘customers’ and concludes that when
the item of property, plant and equipment transferred meets the definition
of an asset from the perspective of the recipient, the recipient should recognize
the asset at its fair value on the date of the transfer, with the credit
recognized as revenue in accordance with IAS 18 Revenue.
Improvements to IFRSs (2008) In addition to the changes affecting amounts reported in the financial
statements described above, the Improvements have led to a number of
changes in the detail of the Group’s accounting policies – some of which are
changes in terminology only, and some of which are substantive but have
had no material effect on amounts reported. The majority of these amendments
are effective from January 1, 2009.
Standards and Interpretations that are issued but not yet effective in 2009 and have not been early adopted
IFRS 3 (as revised in 2008) Business Combinations
IFRS 3(2008) is effective for business combinations where the acquisition date is on or after the beginning of the first
annual period beginning on or after 1 July 2009. The main impact of the adoption will be as follows:
a) to allow a choice on a transaction-by-transaction basis for the measurement of non-controlling interests
(previously referred to as ‘minority’ interests) either at fair value or at the non-controlling interests’ share
of the fair value of the identifiable net assets of the acquire.
b) to change the recognition and subsequent accounting requirements for contingent consideration.
c) to require that acquisition-related costs be accounted for separately from the business combination, generally
leading to those costs being recognized as an expense in profit or loss as incurred.
The group will apply IFRS 3 (revised) prospectively to all business combinations from January 1, 2010.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.6 Adoption of new and revised standards (cont’d)
ANNUAl rePort ‘09
Standards and Interpretations that are issued but not yet effective in 2009 and have not been early adopted
(cont’d)
IFRS 9 Financial Instruments: Classification and Measurement
In November 2009, the first part of IFRS 9 relating to the classification and measurement of financial assets was
issued. IFRS 9 will ultimately replace IAS 39 Financial Instruments: Recognition and Measurement. The standard
requires an entity to classify its financial assets on the basis of the entity’s business model for managing the financial
assets and the contractual cash flow characteristics of the financial asset, and subsequently measure the
financial assets as either at amortized cost or at fair value. The new standard is mandatory for annual periods
beginning on or after January 1, 2013. The Group has not had an opportunity to consider the potential impact
of the adoption of this standard.
IAS 24(Revised 2009) Related Party Disclosures
In November 2009, IAS 24 Related Party Disclosures was revised. The revision to the standard provides government-related
entities with a partial exemption from the disclosure requirements of IAS 24. The revised standard
is mandatory for annual periods beginning on or after January 1, 2011. The Group has not yet had an opportunity
to consider the potential impact of the adoption of this revised standard.
IAS 27 (as revised in 2008) Consolidated and Separate Financial Statements
IAS 27 (revised) is effective for annual periods beginning on or after 1 July 2009. The revisions to IAS 27 principally
affect the accounting for transactions or events that result in a change in the Group’s interests in its subsidiaries.
The revised standard requires that ownership decreases or increases that do not result in change in
control to be recorded in equity.
The Group will apply IAS 27 (revised) prospectively to transactions with non-controlling interests from January 1,
2010. The Group has not yet had an opportunity to consider the potential impact of the adoption of this revised
standard.
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PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.6 Adoption of new and revised standards (cont’d)
IFRIC 17 Distributions of Non-cash Assets to Owners
IFRIC 17 is effective for annual periods beginning on or after 1 July 2009. The interpretation provides guidance
on the appropriate accounting treatment when an entity distributes assets other than cash as dividends to its
shareholders. The Group has not yet had an opportunity to consider the potential impact of the adoption of this
interpretation.
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
IFRIC 19 is effective for annual periods beginning on or after 1 July 2010. IFRIC 19 addresses only the accounting
by the entity that issues equity instruments in order to settle, in full or part, a financial liability. The Group has
not yet had an opportunity to consider the potential impact of the adoption of this interpretation.
Amendments related to Annual Improvements to IFRS (2009)
As part of the Annual Improvement project, in addition to the amendments mentioned above, other amendments
were made to various standards and interpretations. These amendments are effective for annual periods
beginning on or after January 1, 2010. The Group has not yet had an opportunity to consider the potential impact
of the adoption of these amendments.
The management of the Group anticipates that the adoption of the Standards and Interpretations in future periods
will have no material impact on the financial statements of the Group.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.7 Summary of Significant Accounting Policies
2.7.1 Revenue
ANNUAl rePort ‘09
Revenue is recognized on accrual basis at the fair value of the amount obtained or to be obtained based on the
assumptions that delivery is realized, the income can be reliably determined and the inflow of the economic
benefits related with the transaction to the Group is probable. Net sales are calculated after the sales returns
and sales discounts are deducted.
Revenue from sale of goods is recognized when all the following conditions are satisfied:
•
•
•
•
•
The Group transfers the significant risks and rewards of ownership of the goods to the buyer,
The Group retains neither continuing managerial involvement to the degree usually associated with ownership
nor effective control over the goods sold,
The amount of revenue can be measured reliably,
It is probable that the economic benefits associated with the transaction will flow to the entity,
The costs incurred or to be incurred in respect of the transaction can be measured reliably.
Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest
rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life
of the financial asset to that asset’s net carrying amount.
Dividend revenue from investments is recognized when the shareholders’ rights to receive payment has been
established.
Service income and other revenues are recognized on accrual basis at the fair value of the amount obtained or to
be obtained based on the assumptions that delivery is realized, the income can be reliably determined and the
inflow of the economic benefits related with the transaction to the Group is probable.
2.7.2 Inventories
Inventories are valued at the lower of cost or net realizable value. Cost elements included in inventories comprise
all costs of materials purchased, labor and an appropriate amount for factory overheads. The cost of inventories
is determined on a weighted average basis. Net realizable value is the estimate of the selling price in the ordinary
course of business, less the costs of completion and selling expenses.
147

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PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.7 Summary of Significant Accounting Policies (cont’d)
2.7.3 Tangible Fixed Assets
Tangible fixed assets that are acquired before January 1, 2005 are carried at their restated cost as of December
31, 2004; and tangible fixed assets that are acquired after January 1, 2005 are carried at their cost after deducting
accumulated depreciation and impairment.
Tangible fixed assets are depreciated principally on a straight-line basis. Land is not depreciated as it is deemed
to have an indefinite life. The depreciation periods for tangible fixed assets, which approximate the useful lives
of such assets, are as follows:
Buildings and land improvements 2-50 year
Machinery and equipment 2-20 year
Motor vehicles 4-5 year
Furniture and fixtures 2-50 year
Leasehold improvements 3-39 year
Other tangible assets 2-25 year
The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect
of any changes in estimate accounted for on a prospective basis.
Other tangible assets mainly consist of tanks, stations and station equipments.
The gain or loss arising on the disposal or retirement of an item of tangible fixed assets is determined as the difference
between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.
2.7.4 Financial Leasing Transactions
Leases of tangible fixed assets where the Group has all the risks and rewards of ownership substantially are classified
as finance leases. Finance leases are capitalized at the inception of the lease at the lower of the fair value
of the leased property or the present value of the minimum lease payments. Lease payments are treated as
comprising capital and interest elements.
The capital element is treated as a reduction to the capitalized obligation under the lease. The interest element
is charged to the statement of income. The tangible fixed assets acquired under finance leases are depreciated
over the useful life of the asset.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.7 Summary of Significant Accounting Policies (cont’d)
2.7.5 Intangible assets
(i) Goodwill and amortization
ANNUAl rePort ‘09
Goodwill represents the difference between the purchased assets’ purchase cost and the fair value of the underlying
net assets. Goodwill that is acquired before 31 March 2004 is capitalized and amortized using the straightline
method over the estimated useful life of 20 years until December 31, 2004. Due to the change in the accounting
policies beginning from January 1, 2005, amortization for goodwill has been ceased. The net book
value of goodwill is reviewed annually for impairment and if there are indications of impairment, an impairment
charge should be recognized in the consolidated statements of income if recoverable amount is less than carrying
amount (Note 20).
For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected
to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated
are tested for impairment annually, or more frequently when there is an indication that the unit may be
impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the
impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to
the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment
loss recognized for goodwill is not reversed in a subsequent period.
(ii) Other intangible assets
Other intangible assets that are acquired before January 1, 2005 are carried at their restated cost as of December
31, 2004; and intangible assets that are acquired after January 1, 2005 are carried at their cost after deducting
accumulated depreciation and impairment.
Intangible assets other than goodwill comprise information systems, privileged rights, natural gas exploration
licences and software. They are amortized on a straight-line basis over their estimated useful lives for the period
of 3-20 years from the date of acquisition.
2.7.6 Impairment of assets
Assets that have an indefinite useful life, for example goodwill, are not subject to amortization and are tested
annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events
or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is
recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cashgenerating
units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible
reversal of the impairment at each reporting date.
149

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PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.7 Summary of Significant Accounting Policies (cont’d)
2.7.7 Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which
are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added
to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recorded in the income statement in the period in which they are incurred. There
are no capitalized borrowing costs in 2009 and 2008.
2.7.8 Financial instruments
(i) Financial assets
All financial assets are recognized and derecognized on a trade date where the purchase or sale of a financial
asset is under a contract whose terms require delivery of the financial asset within the timeframe established by
the market concerned, and are initially measured at fair value, plus transaction costs except for those financial
assets classified as at fair value through profit or loss, which are initially measured at fair value.
Financial assets are classified into the following specified categories: financial assets as ‘at fair value through
profit or loss’ (FVTPL), ‘held-to-maturity investments’, ‘available-for-sale’ (AFS) financial assets and ‘loans and
receivables’.
Effective interest method
The effective interest method is a method of calculating the amortized cost of a financial asset and of allocating
interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash receipts through the expected life of the financial asset, or, where appropriate, a shorter period.
Income is recognized on an effective interest basis for debt instruments other than those financial assets designated
as at FVTPL.
Financial assets at FVTPL
Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified
in this category if acquired principally for the purpose of selling in the short-term. Derivatives are also
categorized as held for trading unless they are designated as hedges. Assets in this category are classified as
current assets.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.7 Summary of Significant Accounting Policies (cont’d)
2.7.8 Financial instruments (cont’d)
(i) Financial assets (cont’d)
Held-to-maturity investments
ANNUAl rePort ‘09
Investments in debt securities with fixed or determinable payments and fixed maturity dates that the Group
has the positive intent and ability to hold to maturity are classified as held-to-maturity investments. Held-tomaturity
investments are recorded at amortized cost using the effective interest method less impairment, with
revenue recognized on an effective yield basis.
Available-for-sale financial assets
Quoted equity investments and quoted certain debt securities held by the Group that are traded in an active
market are classified as being available- for-sale financial assets and are stated at fair value. The Group also
has investments in unquoted equity investments that are not traded in an active market but are also classified
as available-for-sale financial assets and stated at cost since their value can’t be reliably measured. Gains and
losses arising from changes in fair value are recognized in other comprehensive income and accumulated in the
investments revaluation reserve with the exception of impairment losses, interest calculated using the effective
interest method, and foreign exchange gains and losses on monetary assets, which are recognized in profit or
loss. Where the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously
accumulated in the investments revaluation reserve is reclassified to profit or loss.
Loans and receivables
Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in
an active market are classified as ‘loans and receivables’. Loans and receivables are measured at amortized cost
using the effective interest method less any impairment.
Impairment of financial assets
Financial assets, other than those at FVTPL, are assessed for indicators of impairment at each balance sheet date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred
after the initial recognition of the financial asset, the estimated future cash flows of the investment have
been impacted. For financial assets carried at amortized cost, the amount of the impairment is the difference
between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the
original effective interest rate.
151

152
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.7 Summary of Significant Accounting Policies (cont’d)
2.7.8 Financial instruments (cont’d)
(i) Financial assets (cont’d)
Impairment of financial assets (cont’d)
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets
with the exception of trade receivables where the carrying amount is reduced through the use of an allowance
account. When a trade receivable is uncollectible, it is written off against the allowance account. Subsequent
recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying
amount of the allowance account are recognized in profit or loss.
With the exception of AFS equity instruments, if, in a subsequent period, the amount of the impairment loss
decreases and the decrease can be related objectively to an event occurring after the impairment was recognized,
the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying
amount of the investment at the date the impairment is reversed does not exceed what the amortized cost
would have been had the impairment not been recognized.
In respect of AFS equity securities, any increase in fair value subsequent to an impairment loss is recognized
directly in equity.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments
which their maturities are three months or less from date of acquisition and that are readily convertible
to a known amount of cash and are subject to an insignificant risk of changes in value.
(ii) Financial liabilities
Financial liabilities and equity instruments issued by the Group are classified according to the substance of the
contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An
equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all
of its liabilities. The accounting policies adopted for specific financial liabilities and equity instruments are set
out below.
Financial liabilities are classified as either financial liabilities at FVTPL or other financial liabilities.
Financial liabilities at FVTPL
Financial liabilities are classified as at FVTPL where the financial liability is either held for trading or it is designated
as at FVTPL. Financial liabilities at FVTPL are stated at fair value, with any resultant gain or loss recognized
in profit or loss. The net gain or loss recognized in profit or loss incorporates any interest paid on the financial
liability.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.7 Summary of Significant Accounting Policies (cont’d)
2.7.8 Financial instruments (cont’d)
(ii) Financial liabilities (cont’d)
Other financial liabilities
ANNUAl rePort ‘09
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs.
Other financial liabilities are subsequently measured at amortized cost using the effective interest method, with
interest expense recognized on an effective yield basis.
The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating
interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash payments through the expected life of the financial liability, or, where appropriate, a shorter
period.
(iii) Derivative financial instruments
Derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently
re-measured to their fair value at each balance sheet date. The Group uses various hedging instruments
to preserve the value of its petroleum inventories and cargo imports, to ensure a constant flow of income, and
to minimize adverse price movements.
2.7.9 Foreign currency transactions
The individual financial statements of each group entity are presented in the currency of the primary economic
environment in which the entity operates (its functional currency). For the purpose of the consolidated financial
statements, the results and financial position of each entity are expressed in TL, which is the functional currency
of the Company, and the presentation currency for the consolidated financial statements.
In preparing the financial statements of the Company and its Turkish subsidiaries, transactions in currencies
other than TL (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions.
At each balance sheet date, monetary items denominated in foreign currencies are retranslated at the
rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in
foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Nonmonetary
items that are measured in terms of historical cost in a foreign currency are not retranslated. Gains and
losses arising on settlement and translation of foreign currency items are included in the statements of income.
153

154
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.7 Summary of Significant Accounting Policies (cont’d)
2.7.9 Foreign currency transactions (cont’d)
Exchange differences are recognized in profit or loss in the period in which they arise except for:
•
•
•
Exchange differences which relate to assets under construction for future productive use, which are included
in the cost of those assets where they are regarded as an adjustment to interest costs on foreign
currency borrowings,
Exchange differences on transactions entered into in order to hedge certain foreign currency risks,
Exchange differences on monetary items receivable from or payable to a foreign operation for which
settlement is neither planned nor likely to occur, which form part of the net investment in a foreign operation,
and which are recognized in the foreign currency translation reserve and recognized in profit or loss
on disposal of the net investment.
For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign
operations are expressed in TL using exchange rates prevailing on the balance sheet date. Income and expense
items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly
during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences
arising, if any, are classified as equity and transferred to the Group’s translation reserve. Such exchange
differences are recognized in profit or loss in the period in which the foreign operation is disposed of. Goodwill
and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of
the foreign operation and translated at the closing rate.
2.7.10 Earnings per share
Earnings per share disclosed in the accompanying consolidated statement of income is determined by dividing
net income by the weighted average number of shares in existence during the year concerned.
In Turkey, companies can raise their share capital by distributing “bonus shares” to shareholders from retained
earnings. In computing earnings per share, such “bonus share” distributions are assessed as issued shares. Accordingly,
the retrospective effect for those share distributions is taken into consideration in determining the
weighted-average number of shares outstanding used in this computation.
2.7.11 Subsequent events
An explanation for any event between the balance sheet date and the publication date of the balance sheet,
which has positive or negative effects on the Group (should any evidence come about events that were prior to
the balance sheet date or should new events come about) will be explained in the relevant note.
The Group restates its financial statements if such subsequent events arise.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.7 Summary of Significant Accounting Policies (cont’d)
2.7.12 Provisions, contingent liabilities, contingent assets
ANNUAl rePort ‘09
Provisions are recognized when the Group has a present obligation as a result of a past event, and it is probable
that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of
the obligation. Contingent liabilities are assessed continuously to determine probability of outflow of economically
beneficial assets. For contingent liabilities, when an outflow of resources embodying economic benefits are
probable, provision is recognized for this contingent liability in the period when the probability has changed,
except for cases where a reliable estimate cannot be made.
When the outflow of economic benefits from the Group is probable but the amount cannot be measured reliably,
the Group discloses this fact in the notes.
The amount recognized as a provision is the best estimate of the consideration required to settle the present
obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.
Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying
amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a
third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received
and the amount of the receivable can be measured reliably.
2.7.13 Change in accounting policies, accounting estimates and errors
Changes in accounting policies or accounting errors noted are applied retroactively and the financial statements
of the previous year are restated. If changes in accounting estimates are for only one period, changes are applied
on the current year but if the changes in accounting estimates are for the following periods, changes are applied
both on the current and the following years prospectively.
2.7.14 Related parties
In consolidated financial statements, Doğan Holding and OMV groups, important personnel in management and
board of directors, their family and controlled or dependent companies, participations and subsidiaries are all
accepted and denoted as related parties (“Related Parties”).
155

156
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.7 Summary of Significant Accounting Policies (cont’d)
2.7.15 Segmental information
An operating segment is a component of the Group that engages in business activities from which it may earn
revenues and incur expenses, whose operating results are regularly reviewed by the Company Management
to make decisions about resources to be allocated to the segment and assess its performance, and for which
discrete financial information is available. The Group identified Retail and İndustrial & Commercial as operating
segments (Note 5).
2.7.16 Taxation and deferred tax
Turkish tax legislation does not permit a parent company and its subsidiary to file a consolidated tax return.
Therefore, provisions for taxes, as reflected in the accompanying consolidated financial statements, have been
calculated on a separate-entity basis.
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in
the income statement because it excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is
calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.7 Summary of Significant Accounting Policies (cont’d)
2.7.16 Taxation and deferred tax (cont’d)
Deferred tax
ANNUAl rePort ‘09
Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using
the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary
differences and deferred tax assets are recognized for all deductible temporary differences to the extent that it
is probable that taxable profits will be available against which those deductible temporary differences can be
utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from
the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that
affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries
and associates, and interests in joint ventures, except where the Group is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets arising from deductible temporary differences associated with such investments and interests
are only recognized to the extent that it is probable that there will be sufficient taxable profits against which
to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be
recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which
the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively
enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax
consequences that would follow from the manner in which the Group expects, at the reporting date, to recover
or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets
against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the
Group intends to settle its current tax assets and liabilities on a net basis.
Current and deferred tax are recognized as an expense or income in profit or loss, except when they relate to
items credited or debited directly to equity, in which case the tax is also recognized directly in equity, or where
they arise from the initial accounting for a business combination. In the case of a business combination, the tax
effect is taken into account in calculating goodwill or determining the excess of the acquirer’s interest in the net
fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over cost.
157

158
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.7 Summary of Significant Accounting Policies (cont’d)
2.7.17 Employment Benefits/Retirement pay provision
Under Turkish law and union agreements, lump sum payments are made to employees retiring or involuntarily
leaving the Group. Such payments are considered as being part of defined retirement benefit plan as per
International Accounting Standard No. 19 (revised) “Employee Benefits” (“IAS 19”).
The retirement benefit obligation recognized in the balance sheet represents the present value of the defined
benefit obligation as adjusted for unrecognized actuarial gains and losses.
2.7.18 Statement of cash flows
In statement of cash flow, cash flows are classified according to operating, investment and finance activities.
Cash flows from operating activities reflect cash flows generated from petroleum products sales of the Group.
Cash flows from investment activities express cash used in investment activities (direct investments and financial
investments) and cash flows generated from investment activities of the Group.
Cash flows relating to finance activities express sources of financial activities and payment schedules of the
Group.
2.7.19 Share capital and dividends
Common shares are classified as equity. Dividends on common shares are recognized in equity in the period in
which they are approved and declared.
2.8 Critical accounting judgments and key sources of estimation uncertainty
Critical judgments in applying the entity’s accounting policies and key sources of estimation uncertainty
In the process of applying the entity’s accounting policies as outlined in Note 2.7, management has made the following
judgments that have the most significant effect on the amounts recognized in the financial statements:

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 2 – BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont’d)
2.8 Critical accounting judgments and key sources of estimation uncertainty
Net realizable value of inventories
ANNUAl rePort ‘09
As described at Note 2.7.2 above, inventories are stated at the lower of cost and net realizable value. Management
has determined that the cost of the inventories is higher than their realizable value as of December 31,
2008. The impairment calculation requires management to estimate the future cash flows expected to arise from
the sale of inventories and the estimated selling price less all estimated costs of completion and costs necessary
to make the sale. Based on the estimate made by the management the cost of inventories was reduced by
TL 68.776.629 and the expense was recorded to cost of sales. As of December 31, 2009, based on the estimate
made by the management the cost of inventories was reduced by TL 1.355.581 and the expense was recorded
to cost of sales (Note 13).
Deferred taxes
Deferred tax assets and liabilities are recorded using substantially enacted tax rates for the effect of temporary
differences between book and tax bases of assets and liabilities. In the subsidiaries of the Group, there are deferred
tax assets resulting from tax loss carry-forwards and deductible temporary differences, all of which could
reduce taxable income in the future. Based on available evidence, both positive and negative, it is determined
whether it is probable that all or a portion of the deferred tax assets will be realized. The main factors which are
considered include future earnings potential; cumulative losses in recent years; history of loss carry-forwards
and other tax assets expiring; the carry-forward period associated with the deferred tax assets; future reversals
of existing taxable temporary differences; tax-planning strategies that would, if necessary, be implemented, and
the nature of the income that can be used to realize the deferred tax asset. As a result of the assessment made,
the Group has recognized deferred tax assets in certain entities because it is probable that taxable profit will be
available sufficient to recognize deferred tax assets in those entities.
Impairment of Goodwill, Tangible and Intangible Fixes Assets
As described in Note 2.7.6 the Group tests goodwill annual for impairment. In the current period, the Group
tested tangible and intangible assets for impairment together with the goodwill.
The recoverable amount is determined by value in use calculations. Principal estimates such as discount rate,
growth rate, sale prices and direct costs during the period are taken into account in assessing the value in use. As
explained in Note 20, for value in use calculation, goodwill is not allocated to each cash-generating unit and the
whole Petrol Ofisi A.Ş was taken into consideration. Discount rate reflects the effective market valuations concerning
time value of money and risks specific to the asset. The Group is using weighted average cost of capital as
the discount rate. Growth rate is determined in respect of the related sector growth estimates. Changes in sales
prices and direct costs are based on past experience and future expectations.
As a result of assessment, the recoverable amount of goodwill, tangible and intangible assets exceeded their
carrying amount and there is no impairment as of December 31, 2009.
159

160
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 3 – BUSINESS COMBINATIONS
None.
NOTE 4 – PARTNERSHIPS
None.
NOTE 5 – SEGMENTAL INFORMATION
The Group has adopted IFRS 8 starting January 1, 2009 and have identified relevant operating segments based on
internal reports about the components of the Group that are regularly reviewed by the chief operating decision
maker of the Group. The chief operating decision maker of the Group has been identified as the Chief Executive
Officer and Board of Directors.
The chief operating decision maker of the Group reviews results and operations on different customer groups
composed of diverse risk and benefits segment basis in order to monitor performance and to allocate resources.
Customer group segments of the Group are defined in the following categories: retail, industrial and commercial.
Certain assets and liabilities and revenues/expenses such as interest income and expenses are excluded from
segmental disclosures as they are managed centrally at the corporate level.
January 1 – December 31, 2009
Retail Industrial and commercial Total
Sales revenue (net) 9.029.690.724 5.065.221.405 14.094.912.129
Cost of sales (-) (8.316.281.554) (4.762.609.111) (13.078.890.665)
Gross profit/loss 713.409.170 302.612.294 1.016.021.464
Operating expense(-) (242.406.913) (145.439.592) (387.846.505)
Unallocated operating income 24.584.246
Unallocated operating expenses (-) (41.422.914)
Operating profit 471.002.257 157.172.702 611.336.291
Finance income 930.345.542
Finance expenses (-) (1.177.709.456)
Profit/loss before taxation 363.972.377
Current tax income/expense (81.404.794)
Deferred tax income/expense 9.210.323
Profit/loss for the period 291.777.906
Distribution of profit/loss for the
period
Minority Interest 4.422.520
Parent Company Share 287.355.386

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 5 – SEGMENTAL INFORMATION (cont’d)
January 1 – December 31, 2008
ANNUAl rePort ‘09
Retail Industrial and commercial Total
Sales revenue (net) 10.294.464.591 6.899.980.107 17.194.444.698
Cost of sales (-) (9.347.561.607) (6.642.612.701) (15.990.174.308)
Gross profit/loss 946.902.984 257.367.406 1.204.270.390
Operating expense(-) (250.613.165) (141.617.141) (392.230.306)
Unallocated operating income 16.997.665
Unallocated operating expenses (-) (45.780.816)
Operating profit 696.289.819 115.750.265 783.256.933
Finance income 793.568.726
Finance expenses (-) (1.444.280.068)
Profit/loss before taxation 132.545.591
Current tax income/expense (21.121.567)
Deferred tax income/expense (8.721.537)
Profit/loss for the period 102.702.487
Distribution of profit/loss for the
period
Minority Interest 1.795.684
Parent Company Share 100.906.803
161

162
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 5 – SEGMENTAL INFORMATION (cont’d)
Segment assets and liabilities:
Total Assets
December 31
2009
December 31
2008
Retail 1.923.437.542 1.741.327.394
Industrial and commercial 747.552.398 748.854.959
Unallocated 4.262.159.070 4.444.906.546
Total 6.933.149.010 6.935.088.899
Total Liabilities
December 31
2009
December 31
2008
Retail 1.313.641.876 1.628.500.818
Industrial and commercial 732.310.104 1.078.866.549
Unallocated 1.872.431.030 1.474.289.388
Total 3.918.383.010 4.181.656.755
Capital expenditures, depreciation and amortization:
Capital Expenditures 2009 2008
Retail 189.810.506 237.515.744
Industrial and commercial 115.697.782 19.328.797
Unallocated 24.857.403 41.406.279
December 31 330.365.691 298.250.820
Depreciation and amortization 2009 2008
Retail 87.258.789 75.941.601
Industrial and commercial 31.705.450 10.779.083
Unallocated 35.195.108 34.587.320
December 31 154.159.347 121.308.004

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 6 – CASH AND CASH EQUIVALENTS
ANNUAl rePort ‘09
As of December 31, 2009 and December 31, 2008, cash and cash equivalents are summarized as follows:
December 31, 2009 December 31, 2008
Cash 24.509 18.973
Banks 1.390.159.967 1.535.713.312
- Demand Deposit 81.904.296 11.266.460
- Time Deposit 1.308.255.671 1.524.446.852
1.390.184.476 1.535.732.285
As of December 31, 2009, the interest rates of Turkish Lira, time deposits vary between 4,25% and 10,60% (December
31, 2008: %11,28 - %18,25). Interest rates of foreign currency time deposits vary between 0,11 % and
5,25% (December 31, 2008: 0,25% - 7,50%). Such time deposits include TL 49.370.887 (December 31, 2008: TL
38.041.287) and USD time deposits of TL 1.258.884.783 (December 31, 2008: TL 1.486.405.565).
Cash and cash equivalents in consolidated statement of cash flows are summarized below:
December 31, 2009 December 31, 2008
Cash and cash equivalents 1.390.184.476 1.535.732.285
Less: interest accruals (828.874) (788.560)
1.389.355.602 1.534.943.725
NOTE 7 – FINANCIAL ASSETS
Short-term financial assets of the Group are as follows
December 31, 2009 December 31, 2008
Valuation of swap transactions (*) 41.228.570 42.369.299
Fair value of inventory future contracts (**) - 62.568.464
Guarantee deposits for derivative transactions 15.608.637 -
Total 56.837.207 104.937.763
(*) The Group has entered into swap contracts for USD 165.000.000 borrowing to hedge exchange rate (TL/USD) fluctuations
and for USD 165.000.000 and Euro 954.550 borrowings to hedge interest rate changes.
(**) The Group has used derivative instruments for the purpose of regular gross profit margin and avoiding loss in value inventories.
Financial instruments whose maturities are 1 or 2 months are used for the import cargos, for oil inventories
contracts with longer maturities are used. The maturities of all contracts are less than 1 year. Any gains or losses arising
from these transactions, are included in cost of goods sold.
163

164
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 7 – FINANCIAL ASSETS (cont’d)
December 31, 2009 December 31, 2008
Change in
Change in Fair
Nominal Value Fair Value Nominal Value
Value
Inventory 209.032.717 (4.857.012) 258.147.228 62.568.464
Available for sale financial assets of the Group are as follows:
December 31, 2009 December 31, 2008
TL % TL %
Çankaya Bel-Pet Limited Şirketi 135.020 49,0 135.020 49,0
İstanbul Gübre Sanayi A.Ş. 872 0,1 872 0,1
135.892 135.892
Nature and level of risks derived from financial instruments are disclosed in Note 38.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 8 – FINANCIAL BORROWINGS
December 31, 2009
ANNUAl rePort ‘09
December 31,
2008
Short term bank loans 6.482.942 19.432.173
Short term finance lease payables, net 7.189.376 7.288.814
Short term portions of long term borrowings and interests 534.235.113 103.670.980
Total short term financial borrowings 547.907.431 130.391.967
Long term bank loans 853.297.700 829.700.301
Long term finance lease payables, net 17.262.442 23.412.141
Total long term financial borrowings 870.560.142 853.112.442
Total financial borrowings 1.418.467.573 983.504.409
165

166
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 8 – FINANCIAL BORROWINGS (cont’d)
As of December 31, 2009 and December 31, 2008, details of the Group’s financial borrowings are as follows:
Weighted Average Interest
Rate Original Currency TL
Short-term borrowings: December 31, December 31, December 31, December 31, December 31, December 31,
2009 2008 2009 2008 2009 2008
Bank borrowings in TL - 10,07% 6.482.942 19.432.173 6.482.942 19.432.173
6.482.942 19.432.173
Short term portions of long
term borrowings:
Short term portion
of long-term bank
borrowings in TL 18,58% 18,59% 125.288.522 34.022.877 125.288.522 34.022.877
Short term portion
of long-term bank
borrowings in USD 7,07% 5,26% 271.127.664 44.837.707 408.236.924 67.808.065
Short term portion
of long-term bank
borrowings in EURO 3,62% 7,17% 328.504 859.510 709.667 1.840.038
534.235.113 103.670.980
Long-term borrowings:
Bank Borrowings in TL 12,82% 18,69% 410.000.000 501.000.000 410.000.000 501.000.000
Bank borrowings in USD 5,49% 7,16% 293.500.000 216.000.000 441.922.950 326.656.800
Bank borrowings in EURO 3,62% 7,53% 636.370 954.550 1.374.750 2.043.501
853.297.700 829.700.301
Repayment schedule of financial borrowings are as follows:
December 31, 2009 December 31, 2008
0-1 year 540.718.055 123.103.153
1-2 years 284.778.564 371.456.660
2-3 years 554.967.836 284.877.960
3-4 years 13.551.300 159.754.981
4-5 years - 9.073.800
5+ years - 4.536.900
1.394.015.755 952.803.454

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 8 – FINANCIAL BORROWINGS (cont’d)
As at the balance sheet date, Group’s finance lease payables are as follows:
Short-term finance lease payables
ANNUAl rePort ‘09
December 31, 2009 December 31, 2008
Short term finance lease payables 9.728.314 10.275.934
Deferred finance cost of lease payables (-) (2.538.938) (2.987.120)
Total 7.189.376 7.288.814
Long-term finance lease payables
December 31, 2009 December 31, 2008
Long term finance lease payables 19.988.631 28.232.431
Deferred finance cost of lease payables (-) (2.726.189) (4.820.290)
Total 17.262.442 23.412.141
Repayment schedule of finance lease payables as of December 31, 2009 is as follows:
Finance lease
payables
Deferred finance cost of
lease payables Total liability
0-1 year 9.728.314 (2.538.938) 7.189.376
1-2 years 8.747.215 (1.659.021) 7.088.194
2-3 years 6.270.997 (746.558) 5.524.439
3-4 years 3.250.320 (260.829) 2.989.491
4-5 years 1.509.805 (56.689) 1.453.116
5 + years 210.294 (3.092) 207.202
29.716.945 (5.265.127) 24.451.818
167

168
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 8 – FINANCIAL BORROWINGS (cont’d)
Repayment schedule of finance lease payables as of December 31, 2008 is as follows:
Finance lease
payables
Deferred finance cost of
lease payables Total liability
0-1 year 10.275.934 (2.987.120) 7.288.814
1-2 years 9.261.090 (2.346.517) 6.914.573
2-3 years 8.320.282 (1.496.910) 6.823.372
3-4 years 5.988.504 (692.414) 5.296.090
4-5 years 3.095.305 (233.680) 2.861.625
5+ years 1.567.250 (50.769) 1.516.481
38.508.365 (7.807.410) 30.700.955
The fair value of the Group’s lease obligations approximates their carrying amount.
Nature and level of risks derived from financial liabilities are disclosed in Note 38.
NOTE 9 – OTHER FINANCIAL LIABILITIES
December 31, 2009 December 31, 2008
Fair value of inventory future contracts (Note 7) 4.857.012 -
Guarantee deposit payables for derivative transactions - 18.844.919
Total 4.857.012 18.844.919
Nature and level of risks derived from financial liabilities are disclosed in Note 38.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 10 – TRADE RECEIVABLES AND PAYABLES
As at the balance sheet date, trade receivables of the Group are summarized below:
ANNUAl rePort ‘09
December 31, 2009 December 31, 2008
Trade receivables 511.773.163 536.523.506
Cheques and notes receivables 380.993.995 319.660.260
Credit card receivables 75.141.446 61.257.047
Loans given to dealers 2.533.078 1.733.565
Due from related parties (Note 37) 3.075.970 2.794.178
973.517.652 921.968.556
Less: Provisions for doubtful receivables (105.046.897) (97.131.115)
Short term trade receivables 868.470.755 824.837.441
Loans given to dealers 7.210.603 6.238.627
Cheques and notes receivable 3.413.098 225.467
Long term trade receivables 10.623.701 6.464.094
Provisions for doubtful receivables movement for the period ended December 31, 2009 and 2008 are as follows:
2009 2008
January 1 97.131.115 85.912.647
Collections (5.612.957) (5.399.398)
Charge for the period 13.528.739 16.617.866
December 31 105.046.897 97.131.115
The Group has disclosed the credit risk and related information in Credit Risk section of Note 38 to the financial
stateements.
169

170
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 10 – TRADE RECEIVABLES AND PAYABLES (cont’d)
As of balance sheet date, the details of the Group’s trade payables are as follows:
December 31, 2009 December 31, 2008
Suppliers 1.448.286.786 1.693.335.409
Due to related parties (Note 37) 555.299 2.034.896
Notes payables 1.038.040 1.203.972
Short term trade payables 1.449.880.125 1.696.574.277
Suppliers 584.335.822 966.823.460
Long term trade payables 584.335.822 966.823.460
Non-interest bearing letters of credit in short-term trade payables amount to TL 1.096.421.788 (USD 728.180.772)
(December 31, 2008: TL 1.251.257.269 (USD 827.386.940)). There is no short term interest-bearing letters of
credits as of December 31, 2009 (December 31, 2008: TL 171.946.111 (USD 113.698.414) and weighted average
interest rate is 6,31%).
Non-interest bearing letters of credit in long-term trade payables amount to TL 584.335.822 (USD 388.082.501)
(December 31, 2008: TL 966.823.460 (USD 639.306.659)). There is no long term interest bearing letters of credit
as of December 31, 2009 (December 31, 2008:None).
Non-interest bearing letter of credits are recognized at fair value at initial recognition. In subsequent periods these
letter of credits are measured at amortized cost, using the effective interest rate method. Effective interest rates
used for long-term and short-term non-interest bearing letters of credit are 2,97% and 3,87% respectively (December
31, 2008: %4,02 and %4,70).
As of December 31, 2009, long term letter of credits amounting to TL 584.335.822 have maturities within the second
year (December 31, 2008: TL 924.757.011 within the second year and TL 42.066.449 within the third year).
Nature and level of risks derived from financial liabilities are disclosed in Note 38.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 11 – OTHER RECEIVABLES AND PAYABLES
ANNUAl rePort ‘09
OTHER RECEIVABLES December 31, 2009 December 31, 2008
Receivables from personnel 44.010 481.998
Special consumption tax exemption (*) 13.347.240 56.002.308
Deposits and guarantees given 661.799 579.411
Other 2.872.231 3.055.304
Total other short term receivables 16.925.280 60.119.021
Other receivables 185.125 535.785
Deposits and guarantees given 482.138 371.023
Total other long term receivables 667.263 906.808
(*) On deliveries made to certain military institutions, embassies and petroleum searching companies, the Group obtains
Special Consumption Tax exemption to be used through the purchases from Tüpraş. The amount reflected in the consolidated
financial statements corresponds to the exemption certificates sent to Tüpraş but not used as of the date of the
consolidated financial statements.
OTHER PAYABLES December 31, 2009 December 31, 2008
Taxes, dues and other payables 298.990.002 342.228.869
Other payables under guarantees 6.187.860 9.705.095
Deposits and guarantees received 1.118.840 833.745
Other 5.542.625 24.608.191
Total other short term payables 311.839.327 377.375.900
Deposits and guarantees received 833.923 637.965
Advances received 146.176 166.655
Total other long term payables 980.099 804.620
171

172
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 12 – RECEIVABLES AND PAYABLES FROM FINANCIAL SECTOR OPERATIONS
None.
NOTE 13 – INVENTORIES
December 31, 2009 December 31, 2008
Trade goods 688.600.041 688.102.865
Raw materials 27.086.272 44.295.415
Finished goods 14.425.870 21.054.190
Work in process 2.085.651 3.693.276
Other (*) 67.116.164 91.278.856
Impairment of inventories (-) (1.355.581) (68.776.629)
Total 797.958.417 779.647.973
(*) Other inventories consist of fuels and lubricants in transit.
Movement of impairment of inventories is as follows:
2009 2008
January 1 (68.776.629) -
Current year charge - (68.776.629)
Provision released 67.421.048 -
December 31 (1.355.581) (68.776.629)
NOTE 14 – BIOLOGICAL ASSETS
None.
NOTE 15 – RECEIVABLES FROM ONGOING CONSTRUCTION CONTRACTS
None.
NOTE 16 – INVESTMENTS VALUED BY EQUITY METHOD
None.
NOTE 17 – INVESTMENT PROPERTY
None.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 18 – TANGIBLE FIXED ASSETS
Movements of tangible fixed assets during the period ended December 31, 2009 are as follows:
January 1,
2009 Additions Disposals Transfer
Currency
Translation
Adjustment
ANNUAl rePort ‘09
December 31,
2009
Cost:
Land and buildings 275.504.386 34.457.747 (2.693.572) 1.752.683 (27.655) 308.993.589
Land improvements 188.982.592 61.552.834 (2.063.700) 8.703.033 (507) 257.174.252
Machinery and
equipment 622.088.585 4.244.744 (2.502.867) 8.579.610 (8.406) 632.401.666
Motor vehicles 15.450.196 55.852 (1.310.654) 475.337 (4.971) 14.665.760
Furniture and fixtures 27.969.766 540.873 (229.141) 3.692.256 (1.213) 31.972.541
Other tangibles 632.202.548 8.991.632 (3.760.990) 83.764.993 - 721.198.183
Leasehold improvements 480.319.134 1.010.048 (2.709.713) 56.604.308 (241) 535.223.536
Construction in progress 17.659.536 180.379.222 - (163.572.220) (1.750) 34.464.788
2.260.176.743 291.232.952 (15.270.637) - (44.743) 2.536.094.315
Accumulated
Depreciation:
Buildings 24.912.527 5.537.349 (670.031) - - 29.779.845
Land improvements 69.197.969 20.477.850 (766.355) - - 88.909.464
Machinery and
equipment 529.504.675 13.987.429 (1.506.475) - (2.738) 541.982.891
Motor vehicles 9.892.461 2.055.978 (1.141.644) - - 10.806.795
Furniture and fixtures 19.659.030 2.310.871 (170.496) - - 21.799.405
Other tangibles 277.921.278 47.179.102 (476.954) - - 324.623.426
Leasehold improvements 110.556.887 50.935.308 (709.039) - - 160.783.156
1.041.644.827 142.483.887 (5.440.994) - (2.738) 1.178.684.982
Net book value:
Land and buildings 250.591.859 279.213.744
Land improvements 119.784.623 168.264.788
Machinery and
equipment 92.583.910 90.418.775
Motor vehicles 5.557.735 3.858.965
Furniture and fixtures 8.310.736 10.173.136
Other tangibles 354.281.270 396.574.757
Leasehold improvements 369.762.247 374.440.380
Construction in progress 17.659.536 34.464.788
Net book value 1.218.531.916 1.357.409.333
Other tangible assets mainly consist of tanks, stations and station equipments.
173

174
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 18 – TANGIBLE FIXED ASSETS (cont’d)
Movements of tangible fixed assets during the period ended December 31, 2008 are as follows:
January 1,
2008 Additions Disposals Transfer
Currency
Translation
Adjustment
December 31,
2008
Cost:
Land and buildings 257.184.022 9.990.341 (52.760) 8.382.783 - 275.504.386
Land improvements 177.213.356 33.407 (3.606.887) 15.342.716 - 188.982.592
Machinery and
equipment 610.014.486 12.135.578 (167.237) 37.481 68.277 622.088.585
Motor vehicles 15.056.719 1.197.168 (868.630) - 64.939 15.450.196
Furniture and fixtures 25.208.893 1.299.002 (16.952) 1.460.187 18.636 27.969.766
Other tangibles 530.352.911 6.770.393 (2.589.169) 97.668.413 - 632.202.548
Leasehold improvements 335.741.359 558.054 (3.224.837) 147.240.188 4.370 480.319.134
Construction in progress 23.279.617 264.511.687 - (270.131.768) - 17.659.536
1.974.051.363 296.495.630 (10.526.472) - 156.222 2.260.176.743
Accumulated
Depreciation:
Buildings 19.571.151 5.344.366 (2.990) - - 24.912.527
Land improvements 61.872.376 9.569.589 (2.243.996) - - 69.197.969
Machinery and
equipment 517.206.559 12.368.735 (70.619) - - 529.504.675
Motor vehicles 8.627.624 2.107.206 (842.369) - - 9.892.461
Furniture and fixtures 17.006.045 2.664.078 (11.093) - - 19.659.030
Other tangibles 233.168.839 44.984.452 (232.013) - - 277.921.278
Leasehold improvements 68.913.005 42.408.895 (765.013) - - 110.556.887
926.365.599 119.447.321 (4.168.093) - - 1.041.644.827
Net book value:
Land and buildings 237.612.871 250.591.859
Land improvements 115.340.980 119.784.623
Machinery and
equipment 92.807.927 92.583.910
Motor vehicles 6.429.095 5.557.735
Furniture and fixtures 8.202.848 8.310.736
Other tangibles 297.184.072 354.281.270
Leasehold improvements 266.828.354 369.762.247
Construction in progress 23.279.617 17.659.536
Net book value 1.047.685.764 1.218.531.916

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 19 – INTANGIBLE ASSETS
Movements of intangible assets during the period ended as of December 31, 2009 are as follows:
Cost:
January 1,
2009 Additions Disposals Transfer
Currency
Translation
Adjustment
ANNUAl rePort ‘09
December 31,
2009
Mining exploration licences - 33.594.744 - - - 33.594.744
Other intangible assets
İntangible assets under
24.051.175 1.589.693 (1.245.551) - (202) 24.395.115
development - 3.948.302 - - - 3.948.302
24.051.175 39.132.739 (1.245.551) - (202) 61.938.161
Accumulated depreciation:
Mining exploration licences - 9.359.898 - - - 9.359.898
Other intangible assets 15.392.240 2.315.562 (168.635) - (21) 17.539.146
15.392.240 11.675.460 (168.635) - (21) 26.899.044
Net book value 8.658.935 35.039.117
Movements of intangible assets during the period ended as of December 31, 2008 are as follows:
January 1, 2008 Additions Disposals Transfer
Currency
Translation
Adjustment
December 31,
2008
Cost:
Other intangible assets 22.384.160 1.755.190 (88.302) - 127 24.051.175
22.384.160 1.755.190 (88.302) - 127 24.051.175
Accumulated
depreciation:
Other intangible assets 13.572.249 1.860.683 (40.692) - - 15.392.240
13.572.249 1.860.683 (40.692) - - 15.392.240
Net book value 8.811.911 8.658.935
Intangible assets other than goodwill comprise information systems, privileged rights, natural gas exploration
licences and software.
PO Arama Üretim has made an agreement with Toreador Türkiye Ltd. Şti. (“Toreador”) amounting to 55.000.000
USD in order to own %26,75 of the shares of Toreador, which is %36,75 of total shares, in project of Akçakoca
Natural Gas Production including 8 sea search licences. 55.000.000 USD of the total worth was paid after the
approval of other partners of the project. In this purchase, jointly controlled tripods and pipe lines under land
improvements; natural gas exploration licences have been accounted under intangible fixed assets.
175

176
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 20 – GOODWILL
IFRS 3 (“Business Combinations”) is applied to the business combinations and to any goodwill arising on these
business combinations for which the agreement date is on or after 31 March 2004. IFRS 3 requires goodwill
acquired in a business combination to be measured after initial recognition at cost less any accumulated impairment
losses. In accordance with the transitional provisions of IFRS 3, the Group discontinues amortizing previously
recognized goodwill from the beginning of the first annual period beginning on or after 31 March 2004.
Accordingly, the Group has ceased amortizing goodwill in the year beginning on January 1, 2005. Total goodwill
of the Group as of December 31, 2004 was TL 2.809.692.447 and accumulated amortization was TL 579.237.809.
Since January 1, 2005, the goodwill is presented net of amortization as TL 2.230.454.638 in the financial statements.
İş Doğan Petrol Yatırımları A.Ş. (“İş Doğan”), which was established as a joint venture of Türkiye İş Bankası A.Ş.
and Doğan Şirketler Grubu Holding A.Ş., acquired 51% and 25,8% shares of the Company with an amount TL
2.825.070.788 and TL 557.364.740 respectively on July 21, 2000 and August 8, 2002 from the Privatization
Administration (“PA”). Goodwill of TL 2.710.882.207 related to these acquisitions was included in the pre-merger
consolidated financial statements of İş Doğan, prepared in accordance with IFRS.
Based on the Board of Directors decision numbered 2002/38 and dated 17 November 2002, İş Doğan decided to
collect its publicly held shares through call back and these share purchases were realized between 22 November
and 9 December 2002. As a result of these share purchases, the total percentage of shares owned by İş Doğan
increased to 96,3% and İş Doğan transferred 14% of these shares to its shareholders, namely Türkiye İş Bankası
A.Ş. and Doğan Şirketler Grubu Holding A.Ş equally as 7%, before the merger. After the share transfer made by İş
Doğan to its shareholders, the remaining shares collected via call back representing 5,5% of the total. Goodwill
of TL 51.771.489 was included in the pre-merger consolidated IFRS financial statements of İş Doğan related to
5,5% share purchase. The fair value assessment related to the shares purchased by İş Doğan in 2002 finalized
in 2003. As a result of the assessment, goodwill increased and property, plant and equipment decreased by TL
47.038.751.
On 27 December 2002, the Company merged with İş Doğan, which was the majority shareholder of the Company,
in accordance with Turkish Commercial Code Article No: 451 and Corporate Tax Law Article No: 37-39 after
the approval the Turkish Capital Markets Board (“CMB”) given at the meeting numbered 61/1705 and dated 24
December 2002. As a result of this legal merger, the assets and liabilities of İş Doğan were transferred to the
Company and İş Doğan was dissolved. Minority interest of TL 247.461.598 (Note 27) in these financial statements
was classified under additional paid-in capital during the merger.
The Group assesses goodwill for impairment annually or more frequently when there is an indication of impairment.
Recoverable amount is determined by calculating the value in use. Principal estimates such as discount
rate, growth rate, sale prices and direct costs during the period are taken into account in assessing the value in
use. For value in use calculation, goodwill is not allocated to each cash-generating unit and the whole Petrol Ofisi
A.Ş was taken into consideration. Discount rate reflects the effective market valuations concerning time value of
money and risks specific to the asset. The Company is using weighted average cost of capital as the discount rate.
Growth rate is determined in respect of the related sector growth estimates. Changes in sales prices and direct
costs are based on past experience and future expectations.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 20 – GOODWILL (cont’d)
ANNUAl rePort ‘09
The Group is preparing its cash flow projections in USD based on the latest financial budget which is approved
by the management. In preparing cash flows, for the next five years 5% per annum and for subsequent years
zero percent per annum estimated growth rate was used as of December 31, 2009. The Company used a rate of
9,91% in order to discount cash flow projections. As a result of assessment, the recoverable amount of goodwill
exceeded its carrying amount and there is no impairment as of December 31, 2009.
NOTE 21 – GOVERNMENT GRANTS AND INCENTIVES
None.
NOTE 22 – PROVISIONS, CONTINGENT ASSETS AND LIABILITIES
Provisions
December 31, 2009 December 31, 2008
Provision for lawsuits 39.505.987 27.488.552
Provisions for other debts and expenses 89.213 908.001
Total short term provisions 39.595.199 28.396.553
Provisions for other debts and expenses 2.594.584 2.008.360
Total long term provisions 2.594.584 2.008.360
A provision of TL 39.505.987, regarding court expenses and possible interests and charges, has been provided for
various court cases filed against the Company. The movement of the provision for lawsuits is as follows:
2009 2008
January 1 27.488.552 22.791.411
Increase during the period 13.806.141 6.538.316
Payments (1.788.706) (1.841.175)
December 31 39.505.987 27.488.552
177

178
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 22 – PROVISIONS, CONTINGENT ASSETS AND LIABILITIES (cont’d)
Provisions
The court case for an amount of TL 850.886 which was filed by İstanbul Metropolitan Municipality with Beykoz
First Civil Court of First Instance (File No: 2001/320), with a request for damages for the unlawful occupation of
the Çubuklu Storage Facilities, resulted against the Company. An application was made to the Supreme Court
of Appeals, which ruled for the amendment of the resolution and the trial process started again. After this, the
court resulted against the Company and an application was made to the Supreme Court of Appeals that ended
against the Company again. The Company applied for the correction of the decision. The application for the correction
of the decision is rejected, the court decision became final. The case for an amount of TL 2.555.850 which
was filed by İstanbul Metropolitan Municipality with Beykoz Civil Court of First Instance (File No: 2006/101),
related to the damages payable for the unlawful occupation of the Çubuklu Storage Facilities, is currently in
progress. Upon these, case for an amount of TL 882.000 which was filed by İstanbul Metropolitan Municipality
with Beykoz First Civil Court of First Instance (File No: 2009/43) and case for an amount of TL 1.170.730 against
İstanbul Metropolitan Municipality with Istanbul Administrative Court of Second Instance (File No: 2009/639)
are currently in progress. A provision of TL 12.001.151 (December 31, 2008: TL 9.336.474) has been provided for
regarding the court expenses and possible interests and charges. There is no ruling on the merits of the case yet
and the trials are in progress.
A provision of TL 27.504.836 (December 31, 2008: TL 18.152.078), regarding court expenses and possible interests
and charges, has been provided for various court cases filed against the Group.
Contingent Liabilities
Penalty Imposed by the Energy Market Regulatory Authority
With its Notifications No: 25049 and 25057, both dated August 31, 2006, the Energy Market Regulatory Authority
(EMRA) imposed administrative fines on Petrol Ofisi A.Ş. and its subsidiary ERK Petrol Yatırımları A.Ş. (“Erk”)
amounting to TL 498.693.080 and TL 100.738.860 respectively for deliveries made to unlicensed dealers. The
Company and Erk have taken judicial actions in order to exercise their legal rights for the cancellation of the fines
and removal of payment orders.
13th Division of Council, 7th and 8th Tax Courts denied the motion of the Company and Erk for cancellation of
the stay of execution of the fines. The Company and Erk appealed the ruling of the 13th Division of Council of
State to the Plenary Session of Administrative Divisions of Council of State, denying motion for stay of execution
for administrative fines imposed on the Company and Erk. Plenary Session of Administrative Divisions of Council
of State suspended the execution of all of the fines imposed against the Company and Erk.
Following the desicion for stay of execution the cancellation of the fines and removal of payment orders have
been decided. EMRA and Tax Court appealed the desicion. The Company waits for the final desicion of Council
of State.
Following the cancellation of the fines, the judicial process continues regarding the return of the guarantees
given and the first two installments paid.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 22 – PROVISIONS, CONTINGENT ASSETS AND LIABILITIES (cont’d)
Contingent Liabilities (cont’d)
Other Contingent Liabilities
ANNUAl rePort ‘09
As a result of the tax inspection conducted on the Company’s accounts for the year 2003, tax/penalty notifications
including TL 12.827.599 of original tax liability and a TL 30.092.800 of tax penalty have been communicated
to the Company on 25.12.2008 by the Boğaziçi Corporate Tax Office. On 20.01.2009, the Company has filed for
arbitration. Ministry of Finance Revenue Administration has communicated the date for settlement meeting to
the Company as 24.11.2009. For the tax and penalties, the right of appeal in court stays until the resolution of the
arbitration process and the Company will appeal at court if no settlement is reached in arbitration. Until settlement
process or until the decision of the tax court in case of appeal, no payment will be made.
Tax/penalty notifications for the years 2003-2007 including a TL 9.916.863 of original tax liability and a TL
13.810.421 of tax penalty, which are sent out by Boğaziçi Corporate Tax Office and Large Taxpayers Tax Office
with respect to the inspection reports prepared in relation to the investigation carried out by the tax inspectors
of the Ministry of Finance, have been communicated to the Company on 22-23.07.2008. Tax inspection reports,
which form a basis for the notifications, are grounded on the claim that advance rental payments with respect to
the usufruct contracts signed between the fuel distributors and the dealers are subject to withholding tax deeming
the usufruct contracts as rental agreements. A lawsuit was filed at the İstanbul Tax Court with respect to the
mentioned inspection reports and the tax/penalty notifications on 11.09.2008. The judicial process of premier
tax fine amounting to TL 7.953.226 and penalty amounting to TL 10.865.775 was removed by tax court. The judicial
process of the remaining part continues and during this process, no court decision was communicated to
the group.
Tax/penalty notifications for the year 2004 including a TL 6.353.475 of original tax liability and a TL 13.940.464
of tax penalty, which are sent out by Boğaziçi Corporate Tax Office have been communicated to the Company
on December 21, 2009. On January 18, 2010, the Company has filed for arbitration in accordance with tax laws,
however, no arbitration date has been communicated to the Company as of the issuance date of the consolidated
financial statements as of December 31, 2009. For tax liabilities and tax penalties, the right of appeal in
court stays until the resolution of the arbitration process and the Company will appeal at court if no settlement
is reached in arbitration.
Other contingent liabilities as of December, 2009 and December 31, 2008 are as follows:
December 31, 2009 December 31, 2008
Other lawsuits against the Group 5.457.299 10.456.441
The Company forecasts no cash outflow regarding the above legal matters as of the announcement date of the
consolidated financial statements for the period ended December 31, 2009. Accordingly, no provision has been
provided for the above matters in the accompanying consolidated financial statements.
179

180
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 22 – PROVISIONS, CONTINGENT ASSETS AND LIABILITIES (cont’d)
Contingent Liabilities (cont’d)
Guarantee/pledge/mortgage (“GPM”) position of the Group as of December 31, 2009 and December 31, 2008
are as follows:
Guarentees/Pledge/Mortgage given
by the Group December 31, 2009 December 31, 2008
The Company Subsidiaries The Company Subsidiaries
A.GPM given on behalf of its own legal entity
B. GPM given on behalf of subsidiaries that
276.193.913 6.691.443 348.318.992 11.607.934
are included in full consolidation 113.054.040 - - -
C. Other GPM - - - -
Total 389.247.953 6.691.443 348.318.992 11.607.934
Proportion of other GPM given to the Group’s equity as of December 31, 2009 is 0% (December 31, 2008: 0%).
NOTE 23 – COMMITMENTS
The Group signed an agreement with Gümrük ve Turizm İşletmeleri (“GTI”) in May 2008 to make sales of fuel and
lubricants at border gates for 20 years. As part of this agreement, the Group committed to pay commissions to
GTI over sales revenue, after the commencement of sales at assigned areas.
According to a purchase agreement made with Tüpraş Petrol Rafineri İşleri A.Ş., the Group is required to notify
annual purchase commitments in every mid-October. However, the Group has a right to revise its quarterly purchase
commitments prior to 30 days, and its monthly purchase commitments prior to 15 days.
The Group is required to submit purchase commitments quarterly to Boru Hatları ile Petrol Taşıma A.Ş. (BOTAŞ)
regarding the LNG shipments from LNG Terminal at Marmara Ereğlisi. In case shipments are less than 70% of the
commitment, the Group pays the value of quantity difference to BOTAŞ.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 24 – EMPLOYMENT BENEFITS
ANNUAl rePort ‘09
December 31, 2009 December 31, 2008
Retirement Pay Provision 10.890.856 10.125.903
Total Employment Benefits 10.890.856 10.125.903
Retirement Pay Provision:
Under Turkish Labor Law, the Group is required to pay employment termination benefits to each employee
who has qualified. Also, employees are required to be paid their retirement pay who retired by gaining right to
receive according to current 506 numbered Social Insurance Law’s 6 March 1981 dated, 2422 numbered and
25 August 1999 dated, 4447 numbered with 60 th article that has been changed. The amount payable consists
of one month’s salary limited to a maximum of TL 2.365,16 for each period of service as at December 31, 2009
(December 31, 2008: TL 2.173,18).
The liability is not funded, as there is no funding requirement.
The provision has been calculated by estimating the present value of the future probable obligation of the Group
arising from the retirement of employees. IAS 19 requires actuarial valuation methods to be developed to estimate
the entity’s obligation under defined benefit plans. Accordingly, the following actuarial assumptions were
used in the calculation of the total liability:
The principal assumption is that the maximum liability for each year of service will increase parallel with inflation.
Thus, the discount rate applied represents the expected real rate after adjusting for the anticipated effects
of future inflation. Consequently, in the accompanying financial statements as at December 31, 2009, the
provision has been calculated by estimating the present value of the future probable obligation of the Group
arising from the retirement of the employees. The provisions at the respective balance sheet dates have been
calculated assuming an annual inflation rate of 4,80% and a discount rate of 11%, resulting in a real discount
rate of approximately 5,92% (December 31, 2008: 6,26% real discount rate). The anticipated rate of forfeitures
is considered. As the maximum liability is revised semi annually, the maximum amount of TL 2.427,04 effective
from January 1, 2010 has been taken into consideration in calculation of provision from employment termination
benefits. Movement of retirement pay provision for the year ended December 31, 2009 and December 31,
2008 is as follows:
2009 2008
January 1 10.125.903 9.461.569
Interest cost 599.453 540.256
Service cost 2.248.863 3.085.448
Payments (1.986.411) (2.806.746)
Actuarial gain (96.952) (154.624)
December 31 10.890.856 10.125.903
NOTE 25 – RETIREMENT BENEFITS
None.
181

182
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 26 – OTHER SHORT/LONG TERM ASSETS AND LIABILITIES
OTHER CURRENT ASSETS December 31, 2009 December 31, 2008
Prepaid expenses 28.424.222 35.657.270
Income accruals 62.812 175.768
Business advances 916.203 286.557
Special consumption tax to be offset 6.843.659 6.865.130
VAT carried forward 18.483.929 13.404
Prepaid taxes and funds 332.708 34.344.578
Advances given 9.609 24.666
Other - 115
55.073.142 77.367.488
OTHER LONG TERM ASSETS December 31, 2009 December 31, 2008
Prepaid expenses (*) 68.135.885 73.235.817
Other long term assets 152.384 381.292
VAT carried forward - 942.492
Advances given for fixed asset acquisitions 43.375.988 11.990.140
111.664.257 86.549.741
(*) The Group signed an agreement with Gümrük ve Turizm İşletmeleri (“GTI”) in May 2008 to make sales of fuel and lubricants
at border gates for 20 years. The payment of TL 55.000.000 which was made as part of this agreement is presented
as short and long term prepaid expenses.
OTHER LIABILITIES December 31, 2009 December 31, 2008
Expense accruals 20.966.274 20.900.155
Unused vacation accrual 7.431.111 7.354.351
Po Card Deferred Income 2.809.462 7.722.675
Income accruals 511.767 782.442
Other short term liabilities total 31.718.614 36.759.623
Expense accruals 10.165 14.408
Other long term liabilities total 10.165 14.408

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 27 – EQUITY
ANNUAl rePort ‘09
The composition of the Company’s paid-in share capital as of December 31, 2009 and December 31, 2008 is as
follows:
December 31, 2009 December 31, 2008
Share (%) TL Share (%) TL
Doğan Holding 52,73 304.520.668 52,73 290.019.684
OMV Aktiengesellschaft 34,00 196.350.000 34,00 187.000.000
Public quotation 13,27 76.629.332 13,27 72.980.316
Total 100,00 577.500.000 100,00 550.000.000
The issued capital of the Company is 577.500.000 TL as of December 31, 2009. Issued capital have been divided
into two groups, A Group Shares and B Group Shares with a nominal value of 1 (one) TL.
The ultimate parents of the Company are Doğan Family and OMV Aktiengesellschaft.
The Board of Directors is composed of eight members. The shareholders holding the A Group shares and shareholders
holding B Group registered shares shall nominate equal number of members to the Board of Directors.
Half of the Board members shall be elected by the General Assembly from among the nominees of the shareholder
holding B Group registered shares, and the other half of the Board members shall be elected from among
the nominees of shareholders holding the A Group shares.
There is no privilege assigned to A and B group shares in terms of dividend distribution.
As a result of the purchases from public quotation, Doğan Holding shareholding portion increased to 54,17% and
OMV shareholding portion increased to 41,58%, as of December 31, 2009. The new shareholding structure is as
follows:
Shareholding Group Share (%) TL
Doğan Holding A Group Registered 34,00 196.350.000
Doğan Holding A Group 20,17 116.509.411
OMV Aktiengesellschaft B Group Registered 34,00 196.350.000
OMV Aktiengesellschaft A Group 7,58 43.754.930
Public quotation A Group 4,25 24.535.659
Total 100,00 577.500.000
In the Ordinary General Assembly of Company convened on April 22, 2009, the balance sheet and income statement
for the year 2008 were unanimously approved; members of the Board of Directors and the Board of Auditors
were separately released from liability with respect to 2008 operations and it has been decided to distribute
TL 27.500.000, corresponding to 26,79% of the distributable net profit and 5% of the issued capital, to shareholders
as dividends in the form of bonus shares. With respect to the mentioned resolution taken in the General
Assembly, Company’s Board of Directors has decided to increase the issued capital from TL 550.000.000 to TL
577.500.000 within the registered capital ceiling of TL 750.000.000 and sent in an application to the Capital Markets
Board for the registration of increased issue capital amounting TL 27.500.000.
183

184
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 27 – EQUITY (cont’d)
Restricted Reserves Assorted from Profit
Restricted Reserves are appropriated from retained earnings because of legal or contractual requirements; or
because of specified purposes other than profit distribution (for example: in order to utilize the tax advantage
of sales of equity participations).
As of balance sheet dates, Restricted Reserves Assorted from Profit consist of legal reserves.
The legal reserves consist of first and second reserves, appropriated in accordance with the Turkish Commercial
Code (TCC). The TCC stipulates that the first legal reserve is appropriated out of statutory profits at the rate of 5%
per annum, until the total reserve reaches 20% of the company’s paid-in share capital. The second legal reserve
is appropriated at the rate of 10% per annum of all cash distributions in excess of 5% of the paid-in share capital.
Under the TCC, the legal reserves can only be used to offset losses and are not available for any other usage unless
they exceed 50% of paid-in share capital.
Public companies distribute dividends according to CMB regulations as follows:
In accordance with the Capital Markets Board’s (the “Board”) Decree issued as of 27 January 2010, in relation
to the profit distribution of earnings derived from the operations in 2009, minimum profit distribution is not
required for listed companies (December 31, 2008: 20%), and accordingly, profit distribution should be made
based on the requirements set out in the Board’s Communiqué Serial:IV, No: 27 “Principles of Dividend Advance
Distribution of Companies That Are Subject To The Capital Markets Board Regulations”, terms of articles of corporations
and profit distribution policies publicly disclosed by the companies.
Furthermore, based on the afore-mentioned decree, companies that are required to prepare consolidated financial
statements should calculate their net distributable profits, to the extent that they can be recovered from
equity in their statutory records, by considering the net profit for the period in the consolidated financial statements
which are prepared and disclosed in accordance with the Communiqué Serial: XI, No: 29.
Legal Reserves and Share Issue Premium which is regarded as legal reserve in accordance with TCC Article 466
are presented at the statutory values. Inflation restatements in accordance with IFRS, which are not subject to
profit distribution or capital increase as of the date of financial statements, are included in retained earnings.
As of December 31, 2009, the Group’s restricted reserves amounting to TL 231.886.143 consist of TL 81.626.328
nominal value of the legal reserves of the parent company, TL 147.437.050 inflation adjustment of legal reserves
in accordance with Tax Code and TL 2.822.765 parent company’s share of subsidiaries’ legal reserves (December
31, 2008: TL 227.256.811 restricted reserves, TL 77.799.885 nominal value of legal reserves of the parent company,
TL 147.437.050 inflation adjustment of legal reserves in accordance with Tax Code and TL 2.019.876 parent
company’s share of subsidiaries’ legal reserves).

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 27 – EQUITY (cont’d)
Additional Paid-in Capital
ANNUAl rePort ‘09
The Company legally merged with İş Doğan by taking over all of İş Doğan’s assets and liabilities in accordance
with the Turkish Commercial Code Article numbered 451 and Corporate Tax Law Articles numbered 37, 38 and
39 after the approval of the CMB given at the meeting numbered 61/1705 and dated 24 December 2002. As of
the merger date, which was 27 December 2002, the financial statements of İş Doğan prepared in accordance
with IFRS were considered as the basis for the Company’s post-merger financial statements. Goodwill related
to above mentioned acquisitions was also included in the pre-merger consolidated financial statements of İş
Doğan. Minority interest of TL 247.461.598 in these financial statements was classified under additional paid-in
capital during the merger.
Retained Earnings/Accumulated Deficit
As of December 31, 2009 The Group’s retained earnings amounting to TL 777.643.542 consist of inflation restatement
differences amounting to TL (26.789.138), legal and extraordinary reserves amounting to TL 5.804.100
and retained earnings amounting to TL 798.628.580 (December 31, 2008: TL 744.675.753; inflation restatement
differences amounting to TL (26.789.138), legal and extraordinary reserves amounting to TL 5.804.100, and retained
earnings amounting to TL 765.660.791).
Adjusted values and inflation restatement differences in terms of the purchasing power at December 31, 2004 of
items presented with statutory values in shareholders’ equity, as of December 31, 2009 and December 31, 2008
are as follows:
December 31, 2009
Statutory Adjusted Shareholder’s Equity
Value Value Inflation Restatement Differences
Legal reserves 231.886.143 198.526.649 (33.359.494)
Extraordinary reserves 2.827.642 8.150.984 5.323.342
Cost increase fund 325.478 510.968 185.490
Other reserves 2.650.980 3.712.504 1.061.524
Total 237.690.243 210.901.105 (26.789.138)
December 31, 2008
Statutory Adjusted Shareholder’s Equity
Value Value Inflation Restatement Differences
Legal reserves 227.256.811 193.897.317 (33.359.494)
Extraordinary reserves 2.827.642 8.150.984 5.323.342
Cost increase fund 325.478 510.968 185.490
Other reserves 2.650.980 3.712.504 1.061.524
Total 233.060.911 206.271.773 (26.789.138)
Restatement differences of equity items can only be netted-off against prior years’ losses and used as an internal
source in capital increases; whereas extraordinary reserves can be netted off against prior years’ losses, and used
in distribution of bonus shares and dividend to shareholders.
185

186
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 27 – EQUITY (cont’d)
Minority Interest
The Group’s minority interest and minority loss belongs to Kipet, ERK, PO Alternatif Yakıtlar, PO Gaz İletim, PO
Arama Üretim and Marmara Depoculuk and as of the balance sheet date TL 16.180.137 and TL 4.422.520 respectively
(December 31, 2008: TL 6.396.477; December 31, 2008: TL 1.795.684).
NOTE 28 – SALES AND COST OF SALES
Sales January 1 - January 1 -
December 31,
2009
December 31,
2008
Domestic sales 13.015.952.821 15.304.646.221
Foreign sales 1.418.935.094 2.323.208.805
Sales returns (111.625) (19.316.791)
Sales discounts (214.111.911) (265.559.403)
Other discounts (125.752.250) (148.534.134)
14.094.912.129 17.194.444.698
Cost of sales January 1 - January 1 -
December 31,
2009
December 31,
2008
Raw materials 121.191.122 164.932.714
Direct labor costs 385.261 440.078
General production overhead 7.407.426 10.040.569
Depreciation expense 21.078.649 1.995.811
Changes in work in process 1.607.625 (1.019.716)
Changes in finished goods 6.628.321 (9.677.197)
Cost of finished goods sold 158.298.404 166.712.259
Cost of trade goods sold 12.911.663.324 15.813.677.442
Cost of services rendered (*) 8.928.937 9.784.607
Cost of sales 13.078.890.665 15.990.174.308
(*) Cost of services rendered contains service/transportation cost of PO Gaz İletim A.Ş. of TL 8.928.937 (December 31, 2008:
TL 9.784.607) and includes depreciation and amortization of TL 654.988 (December 31, 2008: TL 622.056). Transportation
income of PO Gaz İletim A.Ş.results from the transportation services provided to Petrol Ofisi Alternatif Yakıtlar Toptan
Satış A.Ş. and eliminated during the consolidation process. Cost of services rendered is presented in order to follow up
seperately from the cost of trade goods sold of Petrol Ofisi Alternatif Yakıtlar Toptan Satış A.Ş.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 29 – RESEARCH AND DEVELOPMENT EXPENSES, MARKETING, SALES AND
DISTRIBUTION EXPENSES, GENERAL ADMINISTRATIVE EXPENSES
ANNUAl rePort ‘09
January 1 - January 1 -
December 31,
2009
December 31,
2008
Research and development expense (1.653.750) -
Marketing, sales and distribution expenses (302.778.577) (314.877.024)
General administrative expenses (83.414.178) (77.353.282)
NOTE 30 – EXPENSES BY NATURE
Operating expenses for the periods ended December 31, are as follows:
(387.846.505) (392.230.306)
Research and development expense January 1 - January 1 -
December 31,
2009
December 31,
2008
Personnel expenses (23.973) -
Transportation expense (26.196) -
Consultancy charged and services received (1.590.762) -
Rent expense (12.819) -
(1.653.750) -
Marketing, sales and distribution expense January 1 - January 1 -
December 31,
2009
December 31,
2008
Personnel expenses (49.092.958) (50.168.629)
Electricity-Water-Heating expenses (3.114.697) (2.770.945)
Communication expenses (2.871.849) (2.831.240)
Repair and maintenance expenses (8.544.559) (9.346.722)
Insurance expenses (7.548.133) (6.129.229)
Transportation expenses (8.540.765) (11.391.647)
Taxes and dues (22.551.044) (26.143.421)
Depreciation and amortization (127.394.483) (114.550.142)
Advertising expenses (25.621.757) (38.964.461)
Consultancy charges and services received (22.610.878) (27.472.996)
Bank and commission expenses (3.044.259) (2.391.112)
Rent expenses (10.814.555) (9.880.561)
Other (11.028.640) (12.835.919)
(302.778.577) (314.877.024)
187

188
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 30 – EXPENSES BY NATURE (cont’d)
General Administrative Expenses January 1 - January 1 -
December 31,
2009
December 31,
2008
Personnel expenses (27.952.723) (29.348.383)
Electricity-Water-Heating expenses (592.140) (675.811)
Communication expenses (1.047.406) (1.202.385)
Repair and maintenance expenses (2.402.073) (2.634.788)
Insurance expenses (3.031.424) (2.873.712)
Transportation expenses (1.566.818) (1.855.540)
Taxes and dues (8.936.645) (5.594.136)
Depreciation and amortization (4.528.398) (4.139.995)
Sponsorship expenses (1.177.433) (6.312.695)
Consultancy charges and services received (18.535.813) (16.227.443)
Bank and commission expenses (670.521) (602.091)
Rent expenses (3.979.071) (2.831.576)
Other (8.993.713) (3.054.727)
(83.414.178) (77.353.282)

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 31 – OTHER OPERATING INCOME/EXPENSES
Other operating income and profit for the periods ended December 31 are as follows:
ANNUAl rePort ‘09
January 1 - January 1 -
December 31,
2009
December 31,
2008
Commission income 3.850.946 2.934.970
Provisions released 8.200.011 5.399.398
Proceeds from sale of fixed assets 5.517.411 -
Other income and profits 7.015.878 8.663.297
24.584.246 16.997.665
Other operating expenses and losses for the periods ended December 31 are as follows:
January 1 - January 1 -
December 31,
2009
December 31,
2008
Commission expenses (1.541.787) (2.253.340)
Provision expenses (27.334.880) (23.156.182)
Fines and penalties paid - (3.527.919)
Loss on sale of fixed asset - (751.956)
Amortization expense (502.829) -
Other expenses and losses (12.043.418) (16.091.419)
(41.422.914) (45.780.816)
189

190
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 32 – FINANCE INCOME
Finance income for the year ended December 31, are as follows:
January 1 - January 1 -
December 31,
2009
December 31,
2008
Interest income 49.331.997 52.401.192
Foreign exchange gain 878.240.850 725.655.885
Discount interest income 2.772.695 15.511.649
930.345.542 793.568.726
NOTE 33 – FINANCE EXPENSES
Finance expenses for the year ended December 31 are as follows:
January 1 - January 1 -
December 31,
2009
December 31,
2008
Interest expense (157.001.107) (162.748.346)
Foreign exchange loss (880.784.502) (1.178.318.101)
Discount expenses (2.252.557) (12.631.766)
Discount of letter of credits (137.671.290) (90.581.855)
(1.177.709.456) (1.444.280.068)
NOTE 34 – ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
None.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 35 – TAX ASSETS AND LIABILITIES
ANNUAl rePort ‘09
The Group recognizes deferred tax assets and liabilities based upon temporary differences arising between the
financial statements as reported for IFRS purposes and financial statements prepared in accordance with the tax
legislation. These differences arise from the differences in accounting periods for the recognition of income and
expenses in accordance with IFRS and tax legislation.
The rate applied in the calculation of deferred tax assets and liabilities is 20% (2008: %20).
In Turkey, the companies cannot declare a consolidated tax return, therefore subsidiaries that have deferred tax
assets position were not netted off against subsidiaries that have deferred tax liabilities position and disclosed
separately.
Temporary Differences Deferred Tax Asset / (Liability)
December 31,
2009
December
31, 2008
December 31,
2009
December 31,
2008
Difference between tax base and carrying
amount of tangible fixed assets and
intangibles (393.142.418) (411.489.313) (58.107.922) (61.617.096)
Deferred finance expense of long term trade
payables (2.501.013) (20.688.347) (500.203) (4.137.669)
Provision for doubtful receivables and lawsuits 48.760.629 50.398.662 9.752.126 10.079.732
Impairment of inventories 1.355.581 68.776.629 271.116 13.755.325
Provision for employee termination benefits 9.512.032 8.769.392 1.902.406 1.753.878
Carry forward tax losses 8.219.788 5.359.776 1.643.958 1.071.955
Mark to market accrual of futures and SWAP (36.371.557) (104.937.763) (7.274.311) (20.987.553)
Deferred finance income of short term trade
payables (1.560.646) (1.571.094) (312.129) (314.219)
Deferred finance expense of short term trade
receivables 14.786.058 15.901.217 2.957.212 3.180.243
Prepaid stamp taxes adjustment (3.636.958) (11.944.134) (727.392) (2.388.827)
Other temporary differences 13.917.741 3.422.181 2.783.542 684.437
Deferred tax asset/(liability), net (47.611.597) (58.919.794)
Deferred tax asset and liability movements as of December 31, 2009 and 2008 are as follows;
Deferred tax asset movement : 2009 2008
January 1, opening balance 744.904 562.830
Deferred tax income/(expense) 960.628 182.074
December 31, closing balance 1.705.532 744.904
191

192
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 35 – TAX ASSETS AND LIABILITIES (cont’d)
Deferred tax liability movement : 2009 2008
January 1, opening balance (59.664.698) (50.761.087)
Temporary differences included in statutory tax calculation 2.097.874 -
Deferred tax income/(expense) 8.249.695 (8,903,611)
December 31, closing balance (49.317.129) (59.664.698)
Corporate Tax
The Company is subject to Turkish corporate taxes. Provision is made in the accompanying financial statements
for the estimated charge based on the Company’s results for the years and periods. Turkish tax legislation does
not permit a parent company and its subsidiary to file a consolidated tax return. Therefore, provisions for taxes,
as reflected in the accompanying consolidated financial statements, have been calculated on a separate-entity
basis. Corporate tax is applied on taxable corporate income, which is calculated from the statutory accounting
profit by adding back non-deductible expenses, and by deducting dividends received from resident companies,
other exempt income and investment incentives utilized.
The effective tax rate in 2009 is 20% (2008: 20%) for the Company.
In Turkey, advance tax returns are filed on a quarterly basis. Advance corporate income tax rate applied in 2009
is 20%. (2008: 20%). Losses can be carried forward for offset against future taxable income for up to 5 years.
However, losses cannot be carried back for offset against profits from previous periods.
Furthermore, there is no procedure for a final and definitive agreement on tax assessments. Companies file their
tax returns between 1-25 April following the close of the accounting year to which they relate. Tax authorities
may, however, examine such returns and the underlying accounting records and may revise assessments within
five years.
Losses are allowed to be carried 5 years maximum to be deducted from the taxable profit of the following years.
Tax carry back is not allowed.
Income withholding tax
In addition to corporate taxes, companies should also calculate income withholding taxes and funds surcharge on
any dividends distributed, except for companies receiving dividends who are resident companies in Turkey and
Turkish branches of foreign companies. The rate of income withholding tax is 10% starting from 24 April 2003.
This rate was changed to 15% commencing from 23 July 2006. Undistributed dividends incorporated in share
capital are not subject to income withholding taxes. Withholding tax at the rate of 19,8% is still applied to investment
allowances relating to investment incentive certificates obtained prior to 24 April 2003. Subsequent to this
date, companies can deduct 40% of the investments within the scope of the investment incentive certificate
and that are directly related to production facilities of the Group. The investments without investment incentive
certificates do not qualify for tax allowance.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 35 – TAX ASSETS AND LIABILITIES (cont’d)
ANNUAl rePort ‘09
Investment incentive certificates are revoked commencing from January 1, 2006. If companies cannot use investment
incentive due to inadequate profit, such outstanding investment incentive can be carried forward to
following years as of December 31, 2005 so as to be deducted from taxable income of subsequent profitable
years. However the companies can deduct the carried forward outstanding allowance from 2006, 2007 and 2008
taxable income. The investment incentive amount that cannot be deducted from 2008 taxable income will not
be carried forward to following years.
Upon the resolution made by the Constitutional Court on 15 October 2009, the legal arrangement, which proposes
to eliminate the vested rights, was revoked on the basis of being contradictory to the constitution. Deadline
of the investment incentive period is, thereby, ceased as of the reporting date. The related resolution was
published in the Official Gazette on 8 January 2010.
The Group has used 20% corporate tax rate as of December 31, 2009 and December 31, 2008 because it has
chosen not to use investment incentive.
December 31, 2009 December 31, 2008
Current tax liability:
Current tax liability 81.404.794 21.121.567
Prepaid taxes and dues (67.508.289) (20.361.942)
Total current tax liability 13.896.505 759.625
January 1 –
December 31,
2009
January 1 –
December 31,
2008
Tax (charge)/benefit:
Current tax (81.404.794) (21.121.567)
Deferred tax benefit/(charge) 9.210.323 (8.721.537)
Current period tax reconciliation is as follows:
January 1-
December 31,
2009
(72.194.471) (29.843.104)
January 1-
December 31,
2008
Consolidated profit before taxes on income 363.972.377 132.545.591
Tax at the effective rate: 20% (72.794.475) (26.509.118)
Tax effect of non – deductible expenses (484.767) (4.360.534)
Tax effect of exempt income 1.084.771 1.026.548
Tax (expense) / income (72.194.471) (29.843.104)
193

194
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 36 – EARNINGS PER SHARE
January 1 -
December 31,
2009
January 1 -
December 31,
2008
Net profit/(loss) for the period 287.355.386 100.906.803
Weighted-average number of outstanding shares (1 share equals to TL 1
valued shares)
577.500.000 577.500.000
Net profit/(loss) per share (TL) 0,498 0,175

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 37 – RELATED PARTY TRANSACTIONS
i) Due to/from related parties:
a) Due from related parties
ANNUAl rePort ‘09
December 31, 2009 December 31, 2008
Çankaya Bel-Pet Ltd. Şti. 1.687.383 1.631.394
Petrom S.A. 602.306 692.903
Hürriyet Gazetecilik ve Matbaacılık A.Ş. 136.479 661
Ray Sigorta A.Ş. 95.238 16.639
Doğan Haber Ajansı A.Ş. 44.933 37.290
Doğan Dağıtım Satış ve Pazarlama A.Ş. 40.943 9.172
DTV Haber ve Görsel Yayıncılık A.Ş. 28.883 20.796
Milta Turizm İşletmeleri A.Ş. 28.451 10.851
Doğan Yayın Holding A.Ş. 22.015 21.074
Doğan Holding 21.674 14.482
Dergi Pazarlama Planlama ve Ticaret A.Ş. 19.824 19.436
Çelik Halat ve Tel San. A.Ş. 15.814 8.815
Doğan Havacılık Sanayi ve Ticaret A.Ş. 7.925 13.692
Doğan Dış Ticaret ve Mümessillik A.Ş. 6.677 6.297
Other 317.425 290.676
Total 3.075.970 2.794.178
b) Due to related parties
December 31, 2009 December 31, 2008
Doğan Holding 289.736 272.619
Doğan Gazetecilik A.Ş. 143.389 248.165
Milta Turizm İşletmeleri A.Ş. 122.174 368.336
OMV Refining & Marketing GMBH - 190.531
Hürriyet Gazetecilik ve Matbaacılık A.Ş. - 143.747
Ray Sigorta A.Ş. - 673.491
Petrom S.A. - 4.014
Other - 133.993
Total 555.299 2.034.896
195

196
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 37 – RELATED PARTY TRANSACTIONS (cont’d)
ii) Major sales to related parties and purchases from related parties:
a) Product sales to related parties
January 1 -
December 31,
2009
Januray 1 -
December 31,
2008
Çankaya Bel-Pet Ltd. Şti 8.789.482 15.047.642
Petrom S.A. 5.606.152 6.142.734
Doğan Dış Ticaret Ve Mümessillik A.Ş. 1.780.014 2.096.404
Hürriyet Gazetecilik Ve Matbaacılık A.Ş. 1.426.613 1.619.894
Doğan Haber Ajansı A.Ş. 437.859 518.333
Doğan Dağıtım Satış Ve Pazarlama A.Ş. 384.544 458.698
DTV Haber Ve Görsel Yayıncılık A.Ş. 264.310 353.233
Doğan Yayın Holding A.Ş. 212.973 320.991
Dergi Pazarlama Planlama ve Ticaret A.Ş. 190.332 307.628
Doğan Havacılık Sanayi ve Tic A.Ş. 175.544 433.154
OMV Refining & Marketing GMBH 100.495 2.090.042
Milta Turizm İşletmeleri A.Ş. 35.165 236.378
Other 2.650.933 2.413.737
Total 22.054.416 32.038.868
Sales to related parties mainly consist of fuel product sales.
b) Product purchases from related parties
January 1 -
December 31,
2009
January 1 -
December 31,
2008
Milta Turizm İşletmeleri A.Ş. 3.632.157 3.907.495
OMV Refining & Marketing GMBH 3.500.202 5.020.922
Doğan Şirketler Grubu Holding A.Ş. 2.864.353 2.517.758
Ray Sigorta A.Ş. 2.118.209 4.993.074
Doğan Gazetecilik A.Ş. 987.672 1.751.879
Hürriyet Gazetecilik ve Matbaacılık A.Ş. 238.691 1.033.812
DTV Haber ve Görsel Yayıncılık A.Ş. - 442.739
Işıl Televizyon Yayıncılık Yapımcılık San. ve Tic. A.Ş. - 205.744
Other 951.873 496.423
Total 14.293.157 20.369.846
Purchases from related parties mainly consist of service purchases transactions.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 37 – RELATED PARTY TRANSACTIONS (cont’d)
iii) Other income from and expense to related parties:
a) Benefits provided to board members and key management personnel:
January 1 -
December31,
2009
ANNUAl rePort ‘09
January 1 -
December 31,
2008
Salary and other short term benefits 5.384.933 4.822.740
Total 5.384.933 4.822.740
197

198
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS
(a) Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern
while maximizing the return to stakeholders through the optimization of the debt and equity balance.
The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 8, cash and
cash equivalents disclosed in note 6 and equity attributable to equity holders of the parent, comprising issued
capital, reserves and retained earnings as disclosed in note 27.
The management of the Group considers the cost of capital and the risks associated with each class of capital.
The management of the Group aims to balance its overall capital structure through the payment of dividends,
new share issues and the issue of new debt or the redemption of existing debt.
The Group controls its capital using the net debt/total capital ratio. This ratio is the calculated as net debt divided
by the total capital amount. Net debt is calculated as total liability amount (comprises of financial liabilities, leasing
and trade payables as presented in the balance sheet) less cash and cash equivalents. Total capital is calculated
as shareholders’ equity plus the net debt amount as presented in the balance sheet.
As of December 31, 2009 and December 31, 2008 net debt / total capital ratio is as follows:
December 31, 2009 December 31, 2008
Total Liabilities 3.457.540.532 3.665.747.065
Less: Cash and cash equivalents 1.390.184.476 1.535.732.285
Net Debt 2.067.356.056 2.130.014.780
Shareholders’ Equity 2.998.585.863 2.747.035.667
Total Capital 5.065.941.919 4.877.050.447
Net Debt / Total Capital ratio 41% 44%
The Group’s overall strategy is not different from previous period.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
ANNUAl rePort ‘09
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS
(cont’d)
(b) Financial risk factors
The risks of the Group, resulted from operations, include market risk (including currency risk, fair value interest
rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. The Group’s risk management
program generally seeks to minimize the effects of uncertainty in financial market on financial performance of
the Group. The Group uses derivative financial instruments in order to safeguard itself from different financial
risks.
Risk management is carried out by a central treasury department (group treasury) under policies approved by
the board of directors. Group treasury identifies, evaluates and hedges financial risks in close co-operation with
the group’s operating units. The board provides written principles for overall risk management, as well as written
policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative
financial instruments and non-derivative financial instruments, and investment of excess liquidity.
(b.1) Credit risk management
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial
loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining
sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults. The
Group’s credit risks mainly arise from trade receivables. The Group manages this risk by the credit limits up to
the guarantees received from customers. The credit limits are monitored by the Group and customer’s credibility
is evaluated continuously by taking into consideration customer’s financial position, past experiences and other
factors. Trade receivables, are evaluated based on the Group’s policies and procedures and as a result presented
net of doubtful provision in the financial statements (Note 10).
Trade receivables consist of a large number of customers, spread across diverse industries and geographical
areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable and, where appropriate,
credit guarantee insurance cover is purchased.
199

200
PETROL OFİSİ A.Ş.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS (cont’d)
(b) Financial risk factors (cont’d)
(b.1) Credit risk management (cont’d)
Receivables
Credit Risk of Financial Instruments Trade Receivables Trade Receivables
Derivative
Instruments Other
December 31, 2009 Related Party Third Party Related Party Third Party Bank Deposits
Maximum net credit risk as of balance sheet date (*) (A +B+C+D+E) 1.663.469 877.430.987 - - 1.390.159.967 41.228.569 -
- The part of maximum risk under guarantee with collateral etc. 515.000 310.043.974 - - - - -
A. Net book value of financial assets that are neither past due nor
impaired 652.239 777.481.282 - - 1.390.159.967 41.228.569 -
B. Net book value of financial assets that are renegotiated, if not that
will be accepted as past due or impaired - 18.360.928 - - - - -
C. Carrying value of financial assets that are past due but not impaired - 29.660.583 - - - - -
- The part under guarantee with collateral etc. - 11.139.171 - - - - -
D. Net book value of impaired assets 1.011.230 51.928.194 - - - - -
- Past due (gross carrying amount) 2.423.731 155.562.590 - - - - -
- Impairment (-) (1.412.501) (103.634.396) - - - - -
- The part of net value under guarantee with collateral etc. 1.011.230 51.928.194 - - - - -
- Not past due (gross carrying amount) - - - - - - -
- Impairment (-) - - - - - - -
- The part of net value under guarantee with collateral etc. - - - - - - -
E. Off-balance sheet items with credit risk - - - - - - -
(*) The factors that increase in credit reliability such as guarantees received are not considered in the balance.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS (cont’d)
(b) Financial risk factors (cont’d)
(b.1) Credit risk management (cont’d)
Receivables
Credit Risk of Financial Instruments Trade Receivables Other Receivables
Derivative
Instruments Other
December 31, 2008 Related Party Third Party Related Party Third Party Bank Deposits
Maximum net credit risk as of balance sheet date (*) (A +B+C+D+E) 2.022.168 829.279.367 - - 1.535.713.312 104.937.763 -
- The part of maximum risk under guarantee with collateral etc. 500.000 235.395.806 - - - - -
A. Net book value of financial assets that are neither past due nor
impaired 1.121.444 647.325.377 - - 1.535.713.312 104.937.763 -
43.643.960 - - - - -
B. Net book value of financial assets that are renegotiated, if not that
will be accepted as past due or impaired -
C. Carrying value of financial assets that are past due but not impaired 806.228 105.983.521 - - - - -
- The part under guarantee with collateral etc. 500.000 38.959.521 - - - - -
D. Net book value of impaired assets 94.496 32.326.509 - - - - -
- Past due (gross carrying amount) 866.505 128.685.615 - - - - -
- Impairment (-) (772.009) (96.359.106) - - - - -
- The part of net value under guarantee with collateral etc. - 32.326.509 - - - - -
- Not past due (gross carrying amount) - - - - - - -
- Impairment (-) - - - - - - -
- The part of net value under guarantee with collateral etc. - - - - - - -
ANNUAl rePort ‘09
E. Off-balance sheet items with credit risk - - - - - - -
(*) The factors that increase in credit reliability such as guarantees received are not considered in the balance.
201

202
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS
(cont’d)
(b) Financial risk factors (cont’d)
(b.1) Credit risk management (cont’d)
As of December 31, 2009, trade receivables of TL 796.494.449 (December 31, 2008: TL 692.090.781) were neither
past due nor impaired.
Total collaterals that were obtained from customers are presented below:
December 31, 2009 December 31, 2008
Guarantee cheques and notes 67.929.771 79.130.085
Letter of guarantees 270.306.468 261.136.126
Mortgages 425.417.818 409.049.428
Insurance (*) 71.950.974 168.019.697
Cash guarantees 368.452 683.747
(*) The Group has insured receivables from marine and aviation customers.
835.973.483 918.019.083
As of December 31, 2009; trade receivables of TL 29.660.583 (December 31, 2008: TL 106.789.749) which includes
TL 5.255.238 (December 31, 2008: TL 22.588.793) receivables from public entities, were past due but
not impaired. Based on industry dynamics and characteristics, the Group does not foresee any collection risk
for overdue amounts up to 90 days. Interest is charged for trade receivables which are overdue more than 90
days and these receivables are restructured and considered recoverable because there are letter of guarantees,
mortgages and other guarantees obtained. Overdue trade receivables is a result of the industry characteristic as
mentioned above and is not significantly different from previous periods.
As of December 31 2009, trade receivables of TL 157.986.321 (December 31, 2008: TL 129.552.120) were assessed
as impaired. The collaterals held for these receivables were deducted and TL 105.046.897 provision has
been provided for as of December 31, 2009 (December 31, 2008: TL 97.131.115). The provision for trade receivables
is provided based on estimated irrecoverable amounts from the sale of goods, determined by reference
to past default experience. The Group offsets these risks by limiting average risk limits of counterparties in each
transaction and obtaining guarantees if necessary. Credit risk mainly arises from trade receivables. Credit limits
of the customers are monitored regularly and credit quality is assessed with reference to past experience, financial
status of the customer and other factors. Trade receivables are evaluated in accordance with the Group
policies and procedures; and accordingly, are presented net of doubtful provision on the balance sheet.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
ANNUAl rePort ‘09
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS
(cont’d)
(b) Financial risk factors (cont’d)
(b.1) Credit risk management (cont’d)
The aging of the past due receivables are as follows
Receivables
December 31, 2009 Trade Receivables Other Receivables
Past due 1-30 days 21.211.818 -
Past due 1-3 months 21.114.965 -
Past due 3-12 months 6.994.141 -
Past due 1-5 years 138.325.980 -
Past due more than 5 years - -
Total past due receivables 187.646.904 -
The part under guarantee with collateral 64.078.595 -
Receivables
December 31, 2008 Trade Receivables Other Receivables
Past due 1-30 days 63.701.370 -
Past due 1-3 months 38.016.850 -
Past due 3-12 months 28.240.918 -
Past due 1-5 years 106.382.731 -
Past due more than 5 years - -
Total past due receivables 236.341.869 -
The part under guarantee with collateral 71.786.030 -
Collaterals held for the trade receivables that are past due but not impaired:
December 31, 2009 December 31, 2008
Cheques and notes - 1.384.819
Letter of guarantees 6.892.743 18.006.227
Mortgages 3.823.235 16.347.917
Insurance 326.319 3.709.073
Cash guarantees 96.874 11.485
11.139.171 39.459.521
203

204
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS
(cont’d)
(b) Financial risk factors (cont’d)
(b.1) Credit risk management (cont’d)
Collaterals held for the trade receivables that are past due and impaired:
December 31, 2009 December 31, 2008
Guarantee cheques and notes 1.209.236 64.637
Letter of guarantees 357.507 417.507
Mortgages 46.584.881 31.844.365
Other (*) 4.787.800 -
(*) Group evaluates the receivables from public as under guarantee.
(b.2) Liquidity risk management
52.939.424 32.326.509
The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities
by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial
assets and liabilities.
Liquidity Risk Tables
Having a conservative liquidity risk management requires obtaining adequate level of cash in addition to having
the ability to utilize adequate level of borrowings and fund resources as well as closing market positions.
Funding risk attributable to the current and future potential borrowing demand is managed to the extent that an
ongoing access to adequate number of creditors with high quality is provided.
The following table presents the maturity of Group’s derivative and non-derivative financial liabilities. The tables
have been drawn up based on the undiscounted cash flows of non-derivative financial liabilities based on the
earliest date on which the Group can be required to pay. The table includes both interest and principal cash
flows. Derivative financial liabilities are presented according to undiscounted net cash inflow and cash outflow.
The table has been drawn up based on the undiscounted net cash inflows/(outflows) on the derivative instrument
that settle on a net basis and the undiscounted gross inflows and (outflows) on those derivatives that
require gross settlement. When the amount payable or receivable is not fixed, the amount disclosed has been
determined by reference to the projected interest rates as illustrated by the yield curves existing at the reporting
date.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
ANNUAl rePort ‘09
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS
(cont’d)
(b) Financial risk factors (cont’d)
(b.2) Liquidity risk management (cont’d)
December 31, 2009
Contractual Maturity
Analysis Carrying Value
Non-derivative
financial liabilities
Total cash
outflow
according
to contract
(I+II+III+IV)
Less than 3
Months (I)
3-12
Months (II) 1-5 Years (III)
More than
5 Years (IV)
Bank borrowings 1.394.015.755 1.613.000.579 - 619.958.690 993.041.889 -
Finance lease liabilities 24.451.818 29.716.945 2.503.363 7.224.951 19.778.337 210.294
Trade payables 2.034.215.947 2.082.478.092 690.862.867 779.214.206 612.401.019 -
Total liabilities 3.452.683.520 3.725.195.616 693.366.230 1.406.397.847 1.625.221.245 210.294
December 31, 2008
Contractual Maturity
Analysis Carrying Value
Non-derivative
financial liabilities
Total cash
outflow
according
to contract
(I+II+III+IV)
Less than 3
Months (I)
3-12
Months (II) 1-5 Years (III)
More than
5 Years (IV)
Bank borrowings 952.803.454 1.189.260.542 53.065.524 128.193.571 1.003.331.462 4.669.985
Finance lease liabilities 30.700.955 38.508.365 2.718.778 7.557.156 26.665.181 1.567.250
Trade payables 2.663.397.737 2.768.741.154 345.084.384 1.398.000.874 1.025.655.896 -
Other financial liabilities 18.844.919 18.844.919 18.844.919 - - -
Total liabilities 3.665.747.065 4.015.354.980 419.713.605 1.533.751.601 2.055.652.539 6.237.235
205

206
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS
(cont’d)
(b) Financial risk factors (cont’d)
(b.2) Liquidity risk management (cont’d)
December 31, 2009
Contractual Maturity
Analysis Carrying Value
Derivative
financial liabilities
Total cash
outflow
according
to contract
(I+II+III+IV)
Less than 3
Months (I)
3-12
Months (II) 1-5 Years (III)
More than
5 Years (IV)
Derivative cash inflow 41.228.570 467.270.743 214.016.708 253.254.035 - -
Derivative cash outflow (4.857.012) (437.764.029) (230.113.014) (207.651.015) - -
December 31, 2008
Contractual Maturity
Analysis Carrying Value
Derivative
financial liabilities
Total cash
outflow
according
to contract
(I+II+III+IV)
Less than 3
Months (I)
3-12
Months (II) 1-5 Years (III)
More than
5 Years (IV)
Derivative cash inflow 104.937.763 651.735.791 377.710.813 9.722.986 264.301.992 -
Derivative cash outflow - (575.806.420) (326.338.511) (20.736.597) (228.731.312) -
(b.3) Market risk management
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and
interest rates.
Market risk exposures of the Group are measured using sensitivity analysis.
There has been no change to the Group’s exposure to market risks or the manner in which it manages and
measures the risk.

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
ANNUAl rePort ‘09
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS
(cont’d)
(b) Financial risk factors (cont’d)
(b.3.1) Foreign currency risk management
Transactions in foreign currencies expose the Group to foreign currency risk.
This risk mainly arises from fluctuation of foreign currency used in conversion of foreign assets and liabilities
into Turkish Lira. Foreign currency risk arises as a result of trading transactions in the future and the difference
between the assets and liabilities recognized. In this regard, the Group manages this risk with a method of netting
foreign currency denominated assets and liabilities. The management reviews the foreign currency open
position and provide measures if required.
The Group is mainly exposed to foreign currency risk in USD, and the effects of other currencies are not material.
The foreign currency denominated assets and liabilities of monetary and non-monetary items are as follows:
207

208
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS
(cont’d)
(b) Financial risk factors (cont’d)
(b.3.1) Foreign currency risk management (cont’d)
December 31, 2009
TL Equivalent
(Functional
currency) US Dollar Euro Other
1. Trade Receivables 108.457.180 71.395.789 442.781 -
2a. Monetary Financial Assets (Cash, Banks included) 1.345.892.160 893.801.227 41.544 4.145
2b. Non-monetary Financial Assets - - - -
3. Other - - - -
4. Current Assets (1+2+3) 1.454.349.340 965.197.016 484.325 4.145
5. Trade Receivables - - -
6a. Monetary Financial Assets - - - -
6b. Non-monetary Financial Assets - - - -
7. Other - - - -
8. Non-current assets (5+6+7) - - - -
9. Total Assets (4+8) 1.454.349.340 965.197.016 484.325 4.145
10. Trade Payables 1.152.726.918 763.961.221 1.125.079
11. Financial Liabilities 408.946.591 271.127.664 328.503 -
12a. Other Monetary Financial Liabilities - - - -
12b. Other Non-monetary Financial Liabilities - - - -
13. Current Liabilities (10+11+12) 1.561.673.509 1.035.088.885 1.453.583 -
14. Trade Payables 584.335.822 388.082.501 - -
15. Financial Liabilities 454.976.222 300.495.981 1.166.238 -
16a. Other Monetary Financial Liabilities - - - -
16b. Other Non-monetary Financial Liabilities - - - -
17. Non-current Liabilities (14+15+16) 1.039.312.044 688.578.482 1.166.238 -
18. Total Liabilities (13+17)
19. Net asset/liability position of off-balance sheet
2.600.985.553 1.723.667.367 2.619.820 -
derivatives (19a-19b)
19.a Off-balance sheet foreign currency derivative
248.440.500 165.000.000 - -
assets
19b. Off-balance sheet foreign currency derivative
248.440.500 165.000.000 - -
liabilities
20. Net foreign currency asset liability position (9-
- - - -
18+19)
21. Net foreign currency asset/liability position of
monetary items
(898.195.713) (593.470.351) (2.135.495) 4.145
(1+2a+5+6a-10-11-12a-14-15-16a)
22. Fair value of foreign currency hedged financial
(1.146.636.213) (758.470.351) (2.135.495) 4.145
assets 41.228.570 27.381.662 - -
23. Hedged foreign currency assets - - - -
24. Hedged foreign currency liabilities 248.440.500 165.000.000 - -
25. Exports (Note 28) (January 1 – December 31, 2009) 1.418.935.094 942.375.702 - -
26. Imports (January 1 – December 31, 2009) 1.896.701.392 1.246.359.471 9.284.792 -

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
ANNUAl rePort ‘09
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS
(cont’d)
(b) Financial risk factors (cont’d)
(b.3.1) Foreign currency risk management (cont’d)
December 31, 2008
TL Equivalent
(Functional
currency) US Dollar Euro Other
1. Trade Receivables 90.363.484 58.997.867 532.983 -
2a. Monetary Financial Assets (Cash, Banks included) 1.550.851.621 1.024.836.945 459.565 4.453
2b. Non-monetary Financial Assets - - - -
3. Other - - - -
4. Current Assets (1+2+3) 1.641.215.105 1.083.834.812 992.548 4.453
5. Trade Receivables - - - -
6a. Monetary Financial Assets - - - -
6b. Non-monetary Financial Assets - - - -
7. Other - - - -
8. Non-current assets (5+6+7) - - - -
9. Total Assets (4+8) 1.641.215.105 1.083.834.812 992.548 4.453
10. Trade Payables 1.439.045.159 949.970.867 1.123.046 -
11. Financial Liabilities 80.866.577 51.479.712 1.407.796 -
12a. Other Monetary Financial Liabilities 18.844.919 12.461.098 - -
12b. Other Non-monetary Financial Liabilities - - - -
13. Current Liabilities (10+11+12) 1.538.756.655 1.013.911.677 2.530.842 -
14. Trade Payables 966.823.460 639.306.659 - -
15. Financial Liabilities 345.542.302 225.554.576 2.072.177 -
16a. Other Monetary Financial Liabilities - - - -
16b. Other Non-monetary Financial Liabilities - - - -
17. Non-current Liabilities (14+15+16) 1.312.365.762 864.861.235 2.072.177 -
18. Total Liabilities (13+17)
19. Net asset/liability position of off-balance sheet
2.851.122.417 1.878.772.912 4.603.019 -
derivatives (19a-19b) 249.529.500 165.000.000 - -
19.a Off-balance sheet foreign currency derivative assets 249.529.500 165.000.000 - -
19b. Off-balance sheet foreign currency derivative
liabilities
20. Net foreign currency asset liability position (9-
18+19) - - - -
21. Net foreign currency asset/liability position of
monetary items
(1+2a+5+6a-10-11-12a-14-15-16a) (1.209.907.312) (794.938.100) (3.610.471) 4.453
22. Fair value of foreign currency hedged
financial assets 42.369.299 28.016.464 - -
23. Hedged foreign currency assets - - - -
24. Hedged foreign currency liabilities 249.529.500 165.000.000 - -
25. Exports (Note 28) (January 1 - December 31, 2008) 2.323.208.805 1.790.389.029 - -
26. Imports (January 1 - December 31, 2008) 2.858.849.670 2.303.182.545 - -
209

210
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS
(cont’d)
(b) Financial risk factors (cont’d)
(b.3.1) Foreign currency risk management (cont’d)
As of December 31, 2009 foreign currency denominated asset and libality balances were converted with the following
exchange rates; TL 1,5057 = USD 1 and TL 2,1603 = EURO 1 (December 31, 2008: TL 1,5123 = USD 1 and
TL 2,1408 = EURO 1)
Foreign currency sensitivity
December 31, 2009
Income/Expense Equity
Appreciation
Appreciation
of Devaluation of
of Devaluation of
foreign
foreign
foreign
foreign
currency currency currency currency
If US Dollar appreciated against TL by 1%
1- US Dollar net asset/liability (11.461.028) 11.461.028 - -
2- Part of hedged from US Dollar risk (-) 2.484.405 (2.484.405) - -
3- US Dollar net effect (1 +2) (8.976.623) 8.976.623 - -
If Euro appreciated against TL by 1%
4- Euro net asset/liability (46.133) 46.133 - -
5- Part of hedged from Euro risk (-) - - - -
6- Euro net effect (4+5) (46.133) 46.133 - -
If other foreign currency appreciated against TL by 1%
7- Other foreign currency net asset/
liability - - - -
8- Part of hedged other foreign currency
risk (-) - - - -
9- Other foreign currency net effect (7+8) - - - -
Total (3 + 6 +9) (9.022.756) 9.022.756 - -

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
ANNUAl rePort ‘09
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS (cont’d)
(b) Financial risk factors (cont’d)
(b.3.1) Foreign currency risk management (cont’d)
December 31, 2008
Income/Expense Equity
Appreciation
of foreign
currency
Devaluation
of foreign
currency
If US Dollar appreciated against TL by 1%
Appreciation
of foreign
currency
Devaluation
of foreign
currency
1- US Dollar net asset/liability (12.081.376) 12.081.376 - -
2- Part of hedged from US Dollar risk (-) 2.495.295 (2.495.295) - -
3- US Dollar net effect (1 +2) (9.586.081) 9.586.081 - -
If Euro appreciated against TL by 1%
4- Euro net asset/liability (77.293) 77.293 - -
5- Part of hedged from Euro risk (-) - - - -
6- Euro net effect (4+5) (77.293) 77.293 - -
If other foreign currency appreciated against TL by 1%
7- Other foreign currency net asset/
liability
8- Part of hedged other foreign currency
- - - -
risk (-)
9- Other foreign currency net effect
- - - -
(7+8) - - - -
Total (3 + 6 +9) (9.663.374) 9.663.374 - -
211

212
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 38 – NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS
(cont’d)
(b) Financial risk factors (cont’d)
(b.3.2) Interest rate risk management
Financial liabilities of the Group expose the Group to interest rate risk. The Group’s financial liabilities are mainly
fixed rate borrowings. Based on the current balance sheet as at December 31, 2009, if there is 1% decrease/
increase in the interest rates and if the other variables are kept constant; the net income before tax of the Group
is going to increase/decrease by TL 1.144.332 (December 31, 2008: TL 1.345.947).
Interest rate sensitivity
The financial instruments, that are sensitive to interest rate, are as follows:
Fixed Interest Rate Financial Instruments
Interest Rate Position Table
December 31, 2009 December 31, 2008
Financial Assets Fair value through profit and loss - -
Available for sale financial assets - -
Financial Liabilities - -
Floating Interest Rate Financial Instruments
Financial Assets - -
Financial Liabilities 114.956.538 140.052.344
(b.3.3) Price Risk
The Group is exposed to price risk due to the difference between petroleum product inventory value and the
product prices traded in international commodity market which subsequently affects sales price adversely. In
order to avoid the negative price fluctuations on sales price, the Group entered into petroleum future contracts.
Gain/loss arising from these transactions is included in cost of goods sold. TL 55.297.743 of loss on these transactions
is included in cost of goods sold in 2009 (2008: TL 258.993.434 income).

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
ANNUAl rePort ‘09
NOTE 39 –FINANCIAL INSTRUMENTS (EXPLANATIONS RELATED TO FAIR VALUE AND
HEDGE ACCOUNTING)
Financial instrument categories
December 31, 2009
Loans and
receivables (*)
Available for
sale financial
assets
Financial
assets/
liabilities at
fair value
through
profit and
loss
Financial
liabilities at
amortized cost Carrying value Note
Financial assets
Cash and cash
equivalents 1.390.184.476 - - - 1.390.184.476 6
Trade receivables 879.094.456 - - - 879.094.456 10
Other financial
assets 15.608.637 135.892 41,228,570 - 56.973.099 7
Financial liabilities
Financial liabilities - - - 1.418.467.573 1.418.467.573 8
Trade payables - - 2.034.215.947 2.034.215.947 10
Other financial
liabilities - - 4.857.012 - 4.857.012 9
December 31, 2008
Loans and
receivables (*)
Available for
sale financial
assets
Financial
assets/
liabilities at
fair value
through
profit and
loss
Financial
liabilities at
amortized cost Carrying value Note
Financial assets
Cash and cash
equivalents 1.535.732.285 - - - 1.535.732.285 6
Trade receivables 831.301.535 - - 831.301.535 10
Other financial
assets - 104.937.763 135.892 - 105.073.655 7
Financial liabilities
Financial liabilities - - - 983.504.409 983.504.409 8
Trade payables - - - 2.663.397.737 2.663.397.737 10
Other financial
liabilities - - - 18.844.919 18.844.919 9
The fair value of the Group’s financial assets and liabilities approximates their carrying amount. Information of
derivative instruments related with financial liabilities and assets disclosed in Note 9 and Note 7.
213

214
PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 39 – FINANCIAL INSTRUMENTS (EXPLANATIONS RELATED TO FAIR VALUE AND
HEDGE ACCOUNTING) (cont’d)
The fair values of financial assets and financial liabilities are determined and grouped as follows:
•
•
•
Level 1: the fair value of financial assets and financial liabilities with standard terms and conditions and
traded on active liquid markets are determined with reference to quoted market prices;
Level 2: the fair value of other financial assets and financial liabilities (excluding derivative instruments)
are determined in accordance with generally accepted pricing models based on discounted cash flow
analysis using prices from observable current market transactions; and
Level 3: the fair value of the financial assets and financial liabilities where there is no observable market
data
The fair values of financial assets and financial liabilities are as follows:
Fair value
as of balance sheet date
December 31, Level 1 Level 2 Level 3
Financial Assets 2009 TL TL TL
FVTPL
Derivative financial assets 41.228.570 - 41.228.570 -
Derivative financial liabilities (4.857.012) (4.857.012) - -
Fair value
as of balance sheet date
December 31, Level 1 Level 2 Level 3
Financial Assets 2008 TL TL TL
FVTPL
Derivative financial assets 104.937.763 62.568.464 42.369.299 -

PETROL OFİSİ A.Ş.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
(Amounts are expressed as Turkish Lira (“TL”) unless otherwise stated.)
NOTE 40 – SUBSEQUENT EVENTS
ANNUAl rePort ‘09
The subsidiaries PO Oil Financing and Petro Finance, established for the purpose of raising funds in the international
markets, ceased operations in January 2010. The closed companies are taken out of consolidation scope
after the liquidation process.
The consolidated financial statements were approved by the Board of Directors and authorized for issue on 24
February 2010. No parties other than the Board of Directors have authority to amend the financial statements.
Consolidated financial statements will be final after the approval in General Assembly.
NOTE 41 – OTHER ISSUES THAT SIGNIFICANTLY AFFECT THE FINANCIAL STATEMENTS OR
OTHER ISSUES REQUIRED FOR THE CLEAR UNDERSTANDING OF FINANCIAL STATEMENTS
None.
215

KURUMSAL YAYINLAR, APRIL 2010
Petrol Ofisi A.Ş. Genel Müdürlüğü
Eski Büyükdere Cad. No. 37
34398 Maslak/İstanbul
Tel: +90 212 329 15 00
Fax: +90 212 329 18 98
www.poas.com.tr