Among the main competitors of the Azerbaijani company are Swiss trading firms Gunvor Trading and Glencore, as well as the Bin Butti investment company from the United Arab Emirates.
According to the latest information obtained by the Italian newspaper La Repubblica from financial circles, the tender for the sale of the refinery—valued at €2.3–2.5 billion—is nearing completion, and SOCAR Trading is reportedly considered the frontrunner among the contenders.
One hundred percent of the shares in the refinery belong to Italiana Petroli (IP) Group, which is controlled by the Brachetti-Peretti family. With a history spanning over 90 years, the IP Group owns the Ancona refinery (primarily focused on bitumen production), the SARPOM refinery in Trecate (fuel production), and has ties to the Alma refinery in Ravenna. The combined processing capacity of these three facilities is approximately 200,000 barrels per day.
According to the British agency Reuters, citing two sources close to the deal, SOCAR, Gunvor, and the Bin Butti Group are expected to submit binding bids next week for the acquisition of Italiana Petroli.
Reuters notes that SOCAR and Gunvor have been exploring participation in the tender longer than the others, while Bin Butti joined the race for the refinery more recently.
Translated from haqqin.az
