SOCAR and its subsidiary SOCAR Trading have finalized the acquisition of Italiana Petroli (IP Group), owned by the Brachetti-Peretti family. The package includes two oil refineries, over 4,500 gas stations throughout Italy, as well as oil depots and logistics infrastructure, a source informed the Azerbaijani outlet haqqin.az.
According to the source, SOCAR Trading has committed to supply the two Italiana Petroli refineries with a total of 10 million tons of crude oil annually, as well as to secure employment for more than 16,000 company staff and ensure compliance with environmental regulations across all facilities.
The details of the agreement are expected to be officially disclosed during upcoming intergovernmental negotiations.
Earlier, Reuters reported, citing independent sources, that the deal was set to be signed today unless last-minute obstacles arose. The financial terms have not been disclosed, but the Brachetti-Peretti family has sought a valuation of approximately €2.5 billion (about $2.9 billion). The company’s assets also include some €500 million in cash.
SOCAR has been advised on the deal by Intesa Sanpaolo IMI CIB, while the owners of Italiana Petroli are represented by UniCredit.
It should be noted that the tender for the sale of Italiana Petroli’s assets had been announced earlier, with SOCAR Trading participating in the bidding process. Intesa Sanpaolo, one of Italy’s largest financial institutions, had expressed readiness to provide a loan to SOCAR Trading for the acquisition.
Italiana Petroli, one of the oldest players in the Italian oil market with a history spanning over 90 years, owns:
a refinery in Ancona (specialized in bitumen production),
the SARPOM refinery in Trecate (fuel production),
and has connections with the Alma refinery in Ravenna.
The total refining capacity of these facilities is about 200,000 barrels per day, making Italiana Petroli one of the largest players in Italy’s fuel market.
