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Istanbul-based physical supplier Energy Petrol Shipping Trade Industry Inc. has announced that sales turnover increased by 47 percent to USD 172 million in 2011, with the company recording a 12 percent rise in volume sold to 234,000 metric tonnes.

Commenting on the results, company co-founder and CFO Yesim Muhtaroglu said: "2011 was an important year for us, it was the fourth consecutive year the company did not use cash credit facilities.

"It confirms once again our strong financials, capital and cash flow, enabling us to provide the best competitive service to our clients," she added.

Energy Petrol began supplying MGO to clients in 1997, achieving a turnover of just USD 7 million during its first year of operations.

The company then won a contract in 2001 to supply approximately 50,000 tonnes of fuel oil and marine gasoil to sea-going vessels working on the Blue Stream Project - a pipeline project established to carry gas from Russia to Turkey.

Between 2001 and 2008 Energy Petrol achieved strong growth, supplying over one million tonnes of marine fuel to clients over this period.

Speaking about the company's achievements, company founder and CEO Mustafa Muhtaroglu said: "More important for us is that we supplied 1749 ships in 2011 without a single quality or quantity claim."

He added: "Our aim is not to be number one by figures but to be the best supplier for our clients, providing them with the best quality, trouble-free, on time bunkering in Turkey."

The Istanbul bunker market is currently estimated to be around 1.5 million metric tonnes per year.