Communicator

Gruppo API (Italiana Petroli) Fuel Station

Italiana Petroli (IP), a leading Italian oil refiner and fuel distributor, is currently the subject of a competitive bidding process involving three major international groups: Azerbaijan’s state oil company SOCAR, Swiss commodity trader Gunvor, and the Abu Dhabi-based Bin Butti Group. Final offers for the company are expected by the end of May 2025, with SOCAR and Gunvor seen as the main contenders due to their longer involvement in the process, while Bin Butti joined more recently and is considered less likely to win.

IP, owned by the Brachetti Peretti family, operates around 4,600 fuel stations and manages a refining capacity of about 200,000 barrels per day, making it one of Europe’s largest private refining and fuel retail groups. Its main assets include the Ancona refinery (focused on bitumen), the SARPOM refinery in Trecate (producing fuels and jet fuel), and a tolling agreement for the Alma refinery in Ravenna. The company is valued between €2.3 and €2.5 billion, reflecting strong financials with nearly €500 million in core profit and over €400 million in net cash at the end of 2024.

The sale comes amid significant changes in the European refining sector, with private investors increasingly selling to commodity traders and state-backed companies. The winner of the IP auction will gain control over a vast network of fuel stations and significant refining capacity, which could influence fuel supply and pricing in Italy and the region. SOCAR’s bid would strengthen Azerbaijan’s presence in the European energy market, while Gunvor aims to expand from trading into full-scale refining and distribution. The outcome of this sale is expected to have a major impact on the structure of Europe’s refining industry as it adapts to new market and regulatory pressures.

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