While many companies are scrambling to stay afloat amid Turkey’s economic crisis, the Turkish military’s pension fund, OYAK, is poised for a major acquisition in the fuel distribution sector, a move that reflects its growing economic might and influence in critical sectors. The fund, which entered talks to buy the fuel and autogas operations of Demiroren Holding in November, has agreed to pay about $450 million for the Turkish branch of Total Oil and M Oil, which are currently part of Demiroren, a financially strained conglomerate close to the government. Under the agreement, reported by the daily Haberturk last week, OYAK would pay some $360 million and $90 million respectively for Total Oil and M Oil, which are operating about 900 gas stations across the country.

OYAK’s economic operations have often come under fire under the Justice and Development Party (AKP), which has actively sought to undo the political clout of the Turkish military. Intriguingly, however, President Recep Tayyip Erdogan has refrained from undoing the fund’s economic autonomy, even in the aftermath of the botched coup attempt in July 2016, which saw the upending of various military institutions.

OYAK is Turkey’s largest pension fund, serving also as a credit aid fund, which all officers and noncommissioned officers (NCOs) of the Turkish military are obliged to join. About 10% of the monthly salaries of 250,000 OYAK members are automatically deducted as contributions to the fund, generating a monthly cash flow of around $35 million. This has made OYAK one of the biggest domestic investor holdings in Turkey, which has been in the grips of major economic woes since last year.

Although junior officers are generally unhappy with the compulsory reduction in their disposable incomes, they realize how beneficial it could be as their retirement age approaches. OYAK members are entitled to a substantial retirement bonus from the fund, in addition to their regular retirement benefits from the state pension fund. For example, a four-star general with 40 years of service gets about $150,000 retirement bonus from OYAK, while a colonel with a 30-year-service gets $100,000 and an NCO about $70,000.