Patience is said to be a virtue. For Turcas, a leading Turkish petroleum distributor, it is about to pay dividends.

Turcas began in 1931 as a chain of petrol stations serving Turkey’s domestic market. Today it is on the brink of becoming a significant regional energy company, thanks to a series of joint ventures that promise to transform its retail operations into a portfolio of investments that include refineries and petrochemical plants, power plants and electricity distribution networks.