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In accordance with the CMB's II-17.1 Communiqué on Corporate Governance for the transactions executed between our company and our subsidiary OPET Petrolcülük A.Ş, "The Report Regarding the Common and Continuous Transactions" was prepared and approved at our Company's Board of Directors meeting on February 21, 2020. Conclusion of the report is given below. With respect to Article 10 of Capital Markets Board's (CMB) Declaration, numbered Serial II.17.1, (Declaration), since the ratio of the amount of the common and continuous product sales transactions of our Company with OPET Petrolcülük A.Ş. to the revenue amount, included in the annual financial statements to be publicly disclosed, reaches more than 10%, in 2019 and since the related party transaction is expected to be realized above the limit at the same conditions also in 2020 the conditions of the transactions made with OPET Petrolcülük A.Ş., the price determination method, and the rationale for the selection of this method are explained in this Report, and information is presented on the compliance of the transactions with market conditions. In 2019, there were no transactions exceeding the limit of 10% according to the cost of goods sold with related parties in purchase transactions, and it is not expected that there would be transactions exceeding the limit of 10% according to purchase transactions with related parties in 2020. |
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.
