Türkİye, Economy

Turkish fuel services firm Istanbul Jet hits no. 88 spot on Fortune 500 Türkiye list

As Istanbul Jet’s turnover reaches over $1B, firm builds new fuel storage facility worth $4.3M to supply JET A-1 fuel

Kerem Alp Eren Kaya  | 10.07.2024 - Update : 10.07.2024
Turkish fuel services firm Istanbul Jet hits no. 88 spot on Fortune 500 Türkiye list


Turkish aviation and fuel services firm Istanbul Jet has made the top 100 of the official Fortune 500 Türkiye list, coming in at number 88, with the firm’s 2023 turnover exceeding $1 billion.

Huseyin Latifoglu, the CEO of Istanbul Jet, said in a statement Tuesday that the firm’s investments continue at full throttle, helped by its strong presence in the Mideast and Southeast Asia.

The company also plans to invest in a storage facility in Central Europe, he added.

“We’re building a JET A-1 fuel storage facility at Dalaman Airport” – in Mugla, southern Türkiye – “with an investment value of over €4 million ($4.3 million), and construction to be completed by the end of summer,” said Latifoglu.

He noted that in 2023 the firm’s sales volume soared 40% and its turnover jumped 21% year-on-year, and that the company saw 21% growth in 2024 compared to the first five months of last year.

Latifoglu said they serve 25 partners outside of Türkiye through multinational oil firms, suppliers, local refineries, and ground services providers.

“We believe that we will take the industry standard to new heights with our increased capacity and efficiency,” he added.

*Writing by Emir Yildirim

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