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Exclusive-SOCAR agrees to buy oil refiner Italiana Petroli, sources say
Published by Global Banking & Finance Review®
Posted on September 15, 2025
2 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on September 15, 2025
2 min readLast updated: January 21, 2026
SOCAR is set to acquire Italiana Petroli, gaining control of a major petrol station network in Italy, in a deal valued at approximately 2.5 billion euros.
By Francesca Landini and Valentina Za
MILAN (Reuters) - Italiana Petroli's founding family has agreed to sell the oil refiner to State Oil Company of Azerbaijan (SOCAR) in a deal that will hand the group control of one of Italy's largest petrol station networks, two sources said.
The deal was signed on Monday, the sources said, without disclosing the financial terms of the agreement.
People close to the matter had previously told Reuters Italy's Brachetti-Peretti family was seeking an enterprise value of around 2.5 billion euros ($2.9 billion) for their company, which holds some 500 million euros in cash.
SOCAR and Italiana Petroli did not respond to requests for comment outside business hours.
SOCAR is being advised by Italy's Intesa Sanpaolo IMI CIB with UniCredit advising the owner of IP.
IP has a total refining capacity of around 200,000 barrels per day and operates a network of more than 4,500 fuel stations. It also owns important storage and transport assets in Italy, including for jet fuel.
Last year it posted an adjusted core profit of nearly 500 million euros.
The deal follows the sale by Italy's Moratti family of its controlling stake in oil refiner Saras to global commodity trading house Vitol last year.
These transactions underscore a broader trend of private investors retreating from Europe's refining sector, which has become increasingly volatile.
The acquisition would boost SOCAR's presence in the Mediterranean fuel market. The company already owns the 200,000 bpd STAR refinery in Turkey.
IP currently owns a refinery in Ancona in eastern Italy, as well as the SARPOM refinery in Trecate in the north. It also has a tolling contract for the Alma refinery in Ravenna.
IP increased its refining and fuel storage capacity in 2023 when it finalised the acquisition of Exxon Mobil's Italian assets.
($1 = 0.8524 euros)
(Additional reporting Elvira Pollina in Milan, Ahmad Ghaddar in London and by Nailia Bagirova in Baku,; Editing by Kirsten Donovan)
The Brachetti-Peretti family was seeking an enterprise value of around 2.5 billion euros ($2.9 billion) for Italiana Petroli.
SOCAR already owns the 200,000 bpd STAR refinery in Turkey, and the acquisition of Italiana Petroli would enhance its presence in the Mediterranean fuel market.
The deal underscores a broader trend of private investors retreating from Europe's refining sector, which has become increasingly volatile.
SOCAR is being advised by Italy's Intesa Sanpaolo IMI CIB, while UniCredit is advising the owner of Italiana Petroli.
Italiana Petroli operates a network of over 4,500 fuel stations and owns important storage and transport assets in Italy.
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