Wedoany.com Report-Sept. 16, Italiana Petroli’s founding Brachetti-Peretti family has agreed to sell the oil refiner to the State Oil Company of Azerbaijan (SOCAR), handing the buyer control of one of Italy’s largest petrol station networks, two sources confirmed. The agreement was signed on Monday, though financial terms were not disclosed.

The logo of SOCAR Energy is seen at a company's gas station in Kiev, Ukraine October 6, 2017.

Sources previously indicated the family was seeking an enterprise value of about 2.5 billion euros ($2.9 billion) for Italiana Petroli, which holds roughly 500 million euros in cash. SOCAR and Italiana Petroli declined to comment outside business hours.

Advising SOCAR on the transaction is Italy’s Intesa Sanpaolo IMI CIB, while UniCredit is advising the Brachetti-Peretti family. Italiana Petroli has a refining capacity of around 200,000 barrels per day and manages more than 4,500 fuel stations across Italy. The company also owns significant storage and transportation infrastructure, including facilities for jet fuel. In 2023, it posted an adjusted core profit close to 500 million euros.

The deal follows a similar move last year when Italy’s Moratti family sold its controlling stake in Saras, another major oil refiner, to global commodity trader Vitol. These developments highlight a broader trend of private investors scaling back from Europe’s refining industry, which has faced higher volatility in recent years.

For SOCAR, the acquisition strengthens its position in the Mediterranean energy market. The company already operates the STAR refinery in Turkey, with a capacity of 200,000 barrels per day. With Italiana Petroli, SOCAR would gain additional refining, retail, and logistics assets, further diversifying its regional presence.

Italiana Petroli’s current assets include the Ancona refinery on Italy’s eastern coast and the SARPOM refinery in Trecate in the north. The company also maintains a tolling agreement with the Alma refinery in Ravenna. In 2023, Italiana Petroli expanded its refining and storage capacity by completing the purchase of Exxon Mobil’s Italian operations, strengthening its position in the domestic energy sector.

While the financial details of the SOCAR transaction remain confidential, the acquisition is expected to reshape Italy’s refining landscape. It combines one of the country’s largest fuel station networks with extensive refining and distribution assets, aligning with SOCAR’s strategy of increasing its footprint in Europe.

Industry observers note that the transaction reflects a broader restructuring trend within the refining sector, where family-owned and privately held groups are transferring assets to large international energy companies. This shift is seen as a response to market uncertainty and the need for greater scale in an evolving energy environment.

With this deal, SOCAR is set to become a key player in Italy’s downstream energy industry, adding to its existing portfolio in the wider Mediterranean region.