Mobil Oil Turk, Exxon’s Turkish unit, has earmarked U.S. $2 million for new production capacity, renewable energy and increasing workforce in anticipation of growth in 2025.
The Turkish lubricant market shrank in 2024 by 4% and has been underperforming since 2018, when the lira’s value against the dollar plummeted, sending inflation through the roof and making imported raw materials such as base oil expensive.
Mobil Oil Turk’s investment is part of a five-year growth plan that aims to increase the number of Mobil 1 branded lube change outlets from 74 to more than 100. New centers are expected to be mainly concentrated in urban areas.
The company also aims to increase exports and production by 5% over the course of this year, Munci Bilgiç, general manager of Mobil Oil Türk said in a press release.
“We think that financing will be easier with the expected decrease in inflation and the related interest rate cuts. We also think that the sector will regain some of the sales volume it lost in 2024,” he said.
Exxon identified Turkey is one of eight global focus markets in its 2024 strategy, having been present in the country for 120 years this year.