To exploit synergies with our integrated petroleum services, in 1999 Delta became a petroleum retailer. In 2004, capitalizing on the success of our retail operation, we established a partnership with Gulf Oil International in Turkey, the first time a new international brand has entered the Turkish market in over a decade.

Gulf Oil has been a leader in the international petroleum industry for over a century. That legacy has made Gulf one of today's leaders in petroleum retailing worldwide, with operations in over 100 countries. In fact, it was Gulf that, in 1913, pioneered the modern filling station, opening the world's first drive through gas station. And now Delta Petroleum has brought the Gulf Oil legacy of innovation and excellence to Turkey.

Starting in 2000, Delta Petroleum expanded into fuel and lubricants retailing in order to benefit from opportunities for synergy with its other operations. Delta's strategy was to bring a new focus on quality and competitive pricing to under-served markets. The success of this strategy allowed Delta to rapidly build up know-how and experience, paving the way for the partnership with Gulf Oil International.

The long-term approach Delta brought both to devising and fine-tuning its strategy and to the search for a suitable international partner are products of the vision andprofessionalism that have made Delta an important player in the Turkish petroleum market. Especially in its role as a member of PETDER, the Association of Turkish Petroleum Companies, Delta, working in tandem with oil majors and leading Turkish petroleum companies, helps to set the regulatory agenda and ensure that the Turkish petroleum market becomes increasingly competitive and integrated into the European and world markets.

The partnership with Gulf is an important step in this direction and will bring a new dynamism to the Turkish market, where no new international brand has begun operations for over a decade. In rolling-out the Gulf brand, Delta will draw on its years of experience and strong financial structure, with approximately 70 stations to be opened each year, and a total of 350 Gulf stations nationwide targeted for 2010.