Sources say that Italy is seeking guarantees for a potential sale of IP refiners to Azerbaijan SOCAR.
Two sources confirmed on Thursday that Italy wants guarantees from Azerbaijan on the security of fuel supplies if the founding families of Italiana Petroli accept a sale to Azerbaijan’s state energy company SOCAR.
Separate sources have previously stated that IP's private owners, the Brachetti peretti family, are currently in negotiations with SOCAR and seeking an enterprise valuation of approximately 2.5 billion euros (2.93 billion dollars) for the refiner.
According to the same sources, an Abu Dhabi investor also expressed interest in purchasing the refinery.
SOCAR and the Azerbaijani government were not available for comment outside of business hours. IP did not respond immediately to a comment request.
IP owns over 4,500 petrol pumps, making it one of Italy's biggest pump networks.
The so-called "golden power" of the Italian government gives it special influence over deals involving vital assets, such as energy companies and refineries. It also allows it to set up conditions before clearing their sale.
Two sources confirmed that the Italian authorities approached SOCAR as well as the Azeri Government to seek guarantees about the continuation of supply and protection of jobs.
Azerbaijan, via the Trans Adriatic Pipeline, is a major gas supplier to Italy.
Baku Steel Company, Azerbaijan's largest steel firm, Acciaierie d'Italia expressed interest earlier this year, but failed to reach a comprehensive agreement with Rome. This prompted the government to reopen its tender process.
A deal for IP, if finalised, would follow last year's sale of the controlling stake by Italy's Moratti Family in oil refiner Saras. The family sold it to global commodity trading company Vitol.
IP had a core profit adjusted of almost 500 million euros by 2024, and a cash position of net 408 million euro at the end of December.
It owns the SARPOM refinery located in Trecate, in the north, and a refinery near Ancona in eastern Italy. It has leased out the Alma refinery at Ravenna, under a tolling agreement.
Intesa Sanpaolo IMI CIB is advising SOCAR, while UniCredit advises the Brachetti Peretti Family.
(source: Reuters)
