Founded in 2018, Istanbul Jet has rapidly expanded by supplying jet fuel to 100 airlines worldwide. The company is now aiming to increase its storage capacity with a €5 million investment in Dalaman. Istanbul Jet’s General Manager, Hüseyin Latifoğlu, stated that they expect fuel volume in Dalaman to grow by 15% annually over the next five years, and the company aims to capture half of this market.
100,000 Ton Goal in Dalaman
Istanbul Jet’s new storage facility investment in Dalaman was planned with the region’s air traffic in mind. Latifoğlu noted, “Dalaman is one of the busiest airports for international flights. EasyJet flies here three times more frequently than to Bodrum. We anticipate a 15% growth in fuel volume in Dalaman over the next five years, and our goal is to supply half of that volume, or 100,000 tons.” Currently, the company facilitates the sale of 50,000 tons of fuel in Dalaman as an intermediary.
Investments in Antalya and Gazipaşa
Istanbul Jet’s investments are not limited to Dalaman. In 2020, the company acquired Lukoil’s facilities in Antalya and Shell Aviation’s facilities in Gazipaşa in 2021. However, storage operations at Antalya Airport have been temporarily halted due to expansion work. Once this process is complete, Istanbul Jet plans to resume operations in Antalya.
Investment Plans in the Balkans
Istanbul Jet’s ambitions extend beyond Turkey. Latifoğlu revealed that the company plans to make physical investments in Balkan countries, primarily Kosovo. The company aims to grow in the region through acquisitions.
Jet Fuel Prices Drop, Revenue Target Set at $1.1 Billion
Latifoğlu shared that with the decline in jet fuel prices, the company’s revenue target for this year is $1.1 billion. As of 2023, jet fuel prices are hovering around $883 per ton, and Latifoğlu expects this figure to drop to about $800 in 2024.
Turkey’s Rapid Post-Pandemic Recovery
Latifoğlu emphasized that 2019 was a golden year for the aviation sector, and after the pandemic, Turkey experienced a swift recovery, with annual jet fuel consumption reaching 6 million tons. However, recovery in Europe has been slower, mainly due to the ongoing Ukraine-Russia war.
Sponsor of Fenerbahçe Wheelchair Basketball Team
Istanbul Jet’s Chairman, Şanser Özyıldırım, and Hüseyin Latifoğlu are avid Fenerbahçe fans. Since 2019, the company has been supporting Fenerbahçe, and most recently, it became the main sponsor of the Fenerbahçe Wheelchair Basketball Team. Latifoğlu stated, “We place great importance on social responsibility projects, and we are proud of our two-year sponsorship agreement with the Fenerbahçe Wheelchair Basketball Team.”
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