Aygaz

What Aygaz does

Aygaz Anonim Şirketi is Turkey's largest LPG fuel distribution company, founded in 1961 and headquartered in Istanbul, operating as an energy subsidiary of Koç Holding, the country's largest conglomerate. The company runs an integrated LPG value chain spanning domestic cylinder gas (2kg portable to 45kg industrial), autogas (otogaz) for vehicles via a national station network, bulk industrial supply, and an emerging international LPG trading operation that generated $391 million in overseas revenue on 1.777 million tons of sales in the first nine months of 2025. A $119 million shipbuilding contract with HD Hyundai Samho for a dual-fuel Very Large Gas Carrier (VLGC), scheduled for Q2 2028 delivery, signals strategic expansion into owned maritime LPG logistics and is equivalent to roughly 12.5% of market capitalization and 49% of net tangible fixed assets.

The business extends well beyond core LPG into an outdoor lifestyle portfolio — barbecue equipment (cabin, portable, standing, electric, smokeless), camping stoves, cartridges, patio and indoor heaters, caravan and marine LPG regulators/hoses, and EcoFlow portable power stations — sold through both physical retail and the aygaz.com.tr e-commerce storefront. The Aygaz Mobil app powers the Aygaz 100 Oktan autogas loyalty program (points worth 2x when redeemed in-app) with cross-vertical partner redemptions at Koçtaş, Madame Coco, and S Sport+. Go-to-market is a hybrid of direct-to-consumer retail (cylinder points of sale, autogas stations, branded online store), authorized dealer channels, and direct industrial sales, with pay-as-you-go unit pricing across most SKUs and a 10-25% promotional discount cadence on lifestyle merchandise.

Revenue mechanics rest on three pillars: domestic LPG distribution (hardware sales of cylinders plus cylinder deposits), international LPG trading and shipping (transaction-based, now backed by owned VLGC capacity from 2028), and consumer products (barbecue, camping, heaters, EcoFlow, Pürsu water). The customer base is highly diversified across household, commercial, industrial, automotive, marine, caravan, and outdoor recreation segments, with no concentrated enterprise anchor. Operationally the company is mid-investment-cycle, financing growth through a planned up-to-3 billion Lira domestic debt issuance announced in December 2025 alongside the multi-year VLGC capex.

Name

Aygaz

Legal name

Aygaz Anonim Şirketi

Website

https://aygaz.com.tr

Company type

Private

Founded year

1966

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

LPG fuel distribution

NAICS

Fuel Dealers (4572), Gasoline Stations and Fuel Dealers (457), Pipeline Transportation of Refined Petroleum Products (48691), Fuel Dealers (457210)

SIC

Pipe Lines (No Natural Gas) (4610), Wholesale-Petroleum Bulk Stations & Terminals (5171), Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172)

akta.pro primary industry

LPG Pipeline Transportation (Propane/Butane Mix) (TLAGAEAB)

akta.pro secondary industries

LPG / NGL Terminals (Pressurized/ Refrigerated Gas) (TLAHABAK), NGLs & LPG Trading & Marketing (EUAGAAAE), NGL/LPG Pipeline Storage & Terminaling (Caverns, Bullet Tanks, Tank Farms) (TLAGAEAM), NGL/LPG Trunkline / Transmission Pipelines (Interstate/Long-Haul) (TLAGAEAI), CNG/LNG Refueling for Industrial Fleets (Private Stations, Yard Fueling) (EUALALAK)

Keywords

• LPG distribution
• Autogas fuel
• Household gas cylinders
• Industrial bulk gas
• Barbecue and camping products

Headquarters

HQ city

Istanbul

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. LPG Distribution - Domestic: Distribution of LPG in cylinders (household 2kg-12kg, commercial/industrial 16kg-45kg) and autogas (otogaz) across Turkey through extensive retail network. Revenue from product sales and cylinder deposits.
2. International LPG Operations: Overseas LPG trading and shipping operations. Generated $391 million in overseas revenue from 1.777 million tons of sales in first nine months of 2025. Capital investment in VLGC fleet to expand international capabilities.
3. Consumer Products - Barbecue & Camping: Sale of branded barbecue equipment, camping gear, outdoor heating, and accessories through retail and e-commerce channels.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Aygaz distributes liquefied petroleum gas (LPG) through household cylinders (2–45 kg), autogas fuel at a nationwide station network, and bulk industrial supply, complemented by branded barbecue, camping, caravan, marine, and heating products sold via retail and e-commerce. As a subsidiary of Koç Holding, it operates across the full LPG value chain including international LPG trading and shipping via a new dual-fuel VLGC vessel.

Product overview

Aygaz is Turkey's largest LPG fuel distribution company offering a diversified portfolio of energy and outdoor lifestyle products. The core business centers on LPG distribution through multiple channels: autogas (Otogaz) for vehicles, cylinder gas (Tüpgaz) in various sizes for home, commercial, and industrial use, and maritime transport via its newly ordered dual-fuel VLGC carrier for international LPG logistics. Complementing the energy business, Aygaz has expanded into outdoor recreation with an extensive barbecue product line (including cabin, portable, standing, electric, and smokeless models), camping equipment (stoves, cartridges, chairs, tables), and heating solutions (outdoor patio heaters and indoor units). The company also offers mobile power solutions through EcoFlow products, specialized caravan and marine LPG equipment, and maintains loyalty programs via the Aygaz Mobil app. Aygaz operates as a subsidiary of Koç Holding, celebrating 65 years in business.

Differentiator

Problem solved

Functional benefit

Brands

• Aygaz 100 Oktan: Aygaz's fuel brand for auto LPG with loyalty program, offering 100+ octane fuel with promotional campaigns and Aygaz Mobil rewards.

Products and services

• LPG Gas Cylinders (Tüpler) Aygaz's primary product line, offering LPG cylinders in sizes ranging from 2 kg portable cylinders for home, camping, caravan, and boat use to 12 kg standard household cylinders and commercial/industrial sizes up to 45 kg for forklift and industrial applications. Designed for households, small businesses, and industrial users across Turkey.
• Autogas (Otogaz) LPG fuel for passenger vehicles, fleet vehicles, and commercial transport, distributed through Aygaz's network of autogas fueling stations across Turkey. Loyalty points are awarded through Aygaz 100 Oktan and can be redeemed at 2x value through the Aygaz Mobil app.
• Barbecue Products (Barbekü ve Aksesuarları) Extensive range of barbecue products including cabin-style barbecues, portable barbecues, standing barbecues, electric barbecues, cartridge-powered barbecues, smokeless charcoal grills (LotusGrill), and complete barbecue accessory sets such as grill grates, pizza stones, brushes, and covers. Sold to households and outdoor cooking enthusiasts through retail and e-commerce.
• Barbecue Sets (Barbekü Setleri) Pre-configured barbecue sets including new-generation barbecue sets, cartridge-powered barbecue sets, and complete starter kits that combine barbecues with compatible accessories, sold as bundled offerings to outdoor cooking consumers.
• Camping Products (Kamp Ürünleri) Camping equipment including portable gas stoves, camping cookware sets, folding camping chairs and tables, camping equipment accessories, and camping cartridges, sold to campers, caravanners, and outdoor recreation consumers.
• Camping Cartridges (Kamp Kartuşu) LPG camping cartridges in various sizes (220 g, 230 g, 450 g) with bayonet/splash-proof and threaded Lindal valve connections, available in multi-packs for portable stoves and outdoor cooking appliances.
• Heaters (Isıtıcılar) Outdoor patio heaters (Isı Odağı, Piramit, Lhotse, Palmiye Soba models), indoor heaters (Manhattan, Provence), and heater accessories and covers with lava stone and glass bead decorative elements for households and hospitality settings.
• Caravan Products (Karavan Ürünleri) Caravan LPG equipment including regulators with pressure gauges, high-pressure LPG hoses (30 bar and 10 bar variants), caravan equipment kits, leak control devices, gas filters, and multi-port gas valves for caravan owners.
• Boat and Marine Products (Tekne Ürünleri) Marine LPG equipment including boat regulators (90-degree and straight outlet variants), marine hoses in various configurations (10 bar), and boat equipment accessories designed for maritime use by boat owners, fishing operators, and yacht owners.
• Mobile Life Portable Power (Mobil Yaşam) Portable power solutions including EcoFlow power stations (Delta 2 Max, Delta 2, River 2) and solar panel charging cables for outdoor recreation, caravanning, and emergency power needs.
• Pürsu Water Pürsu bottled water brand sold as part of Aygaz's consumer product portfolio alongside LPG and outdoor products.
• Cylinder Equipment and Accessories (Tüp Ekipmanları) Cylinder accessories including smart scales (Akıllı Tartı) for monitoring gas levels, cylinder stands, smart LPG detectors, safety connection kits, and double-stage reducers with flow rates of 1.5 kg/hour.

Quantifiable outcome

• $391 million overseas revenue from 1.777 million tons in 9 months of 2025

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• HD Hyundai SamhocoreOthers · 15 January 2026Shipbuilding agreement for $119 million dual-fuel Very Large Gas Carrier (VLGC) scheduled for Q2 2028 delivery. The investment supports Aygaz's growing international LPG shipping operations. This is a significant capital investment representing 12.5% of market value and 49% of net tangible fixed assets.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• İpragaz: İpragaz is one of Turkey's largest LPG distributors, competing head-to-head with Aygaz in cylinder gas, autogas, and bulk LPG across the same Turkish customer base and dealer network.
• Ferrellgas Partners: Ferrellgas is one of the largest US propane distributors, with a mix of cylinder, autogas, and commercial/industrial customers — a close functional peer to Aygaz's LPG distribution business.
• Suburban Propane Partners: Suburban Propane is a US-listed retail propane distributor serving residential, commercial, and autogas customers — directly comparable to Aygaz in business model and customer mix.
• AmeriGas Partners: AmeriGas is the largest US propane distributor, operating a cylinder exchange and delivery network. Comparable to Aygaz on scale of consumer-facing LPG distribution and autogas offerings.

Broad incumbents

• UGI Corporation: UGI owns AmeriGas and operates natural gas distribution in addition to propane — comparable to Aygaz as a diversified energy distributor with both LPG and gas utility exposure.
• SHV Energy: SHV Energy is the world's largest LPG distributor (owning Primagaz, Calor, and Supergasbras), overlapping with Aygaz's cylinder, autogas, and bulk LPG distribution, though at a much larger global scale.
• Shell (downstream & LPG): Shell's downstream business includes LPG distribution and autogas marketing in multiple regions, providing overlap with Aygaz's autogas and international LPG trading operations.
• TotalEnergies (LPG & marketing): TotalEnergies has a global LPG and downstream marketing franchise, including autogas in Europe, overlapping with Aygaz's autogas and international LPG trading activities.
• Eni (eni gas & power / LPG): Eni operates an LPG and natural gas marketing business across Europe and Africa, providing a comparable downstream LPG and customer-facing energy model to Aygaz.

Regional players

• Petkim Petrokimya Holding: Petkim is a Turkish petrochemical producer that is part of the SOCAR Turkey group and supplies petrochemical feedstocks; while not a direct LPG distributor, it is a comparable Turkish energy/petroleum platform serving the same domestic market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/aygazas
• Facebookfacebook.com/aygazas
• LinkedInlinkedin.com/company/aygazas

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aygaz