SOCAR agrees to buy Italiana Petroli oil refiner – Reuters

Azerbaijan’s state oil company SOCAR is in the final stages of negotiations to acquire Italiana Petroli. According to Reuters, the Brachetti-Peretti family, which owns Italiana Petroli, is ready to sell the asset—giving SOCAR control over one of Italy’s largest petrol station networks.

The agreement is expected to be signed as early as this coming Monday, barring any last-minute delays. Previous reports indicated that the sellers were aiming for a price of around €2.5 billion, while the company holds approximately €500 million in cash.

No official comments have yet been made by SOCAR or Italiana Petroli. SOCAR is being advised by Intesa Sanpaolo IMI CIB, while UniCredit is representing the Italian side.