ROME — The Italian government is actively pursuing supply and employment guarantees as part of a potential acquisition of Italiana Petroli (IP) by Azerbaijan’s state oil company, SOCAR. The deal, estimated at €2.5 billion ($2.93 billion), would mark a significant shift in Italy’s energy landscape.
IP, owned by the Brachetti Peretti family, operates over 4,500 petrol stations and several refineries across Italy, including sites in Trecate and Ancona. SOCAR’s interest in the refiner comes amid broader efforts to strengthen its European footprint, with Italy already a key recipient of Azerbaijani gas via the Trans Adriatic Pipeline.
Italian authorities have invoked their “golden power” provisions—special oversight rights for strategic assets—to request assurances from SOCAR and the Azeri government. These include commitments to maintain fuel supply continuity and safeguard domestic jobs.
While negotiations continue, other bidders, including investors from Abu Dhabi and commodity trader Gunvor, have also expressed interest in IP. The outcome could reshape Italy’s refining sector, following last year’s sale of Saras to Vitol.
Advisory roles in the transaction are held by UniCredit for the sellers and Intesa Sanpaolo IMI CIB for SOCAR. Neither SOCAR nor IP have publicly commented on the ongoing talks.
