SOCAR intends to acquire Italian oil company

The State Oil Company of Azerbaijan (SOCAR) plans to participate in a tender for the acquisition of the oil refining company Italiana Petroli (IP) Group, media sources report.

The tender is scheduled for May. The world's largest oil companies, including Glencore and Gunvor, are expected to take part in it.

According to haqqin.az, Italiana Petroli owns an oil refinery in Ancona, as well as the SARPOM oil refinery in Trecate. The company not only refines oil, but also sells petroleum products to consumers through a network of 4,000 gas stations.

It should be noted that the company currently belongs to the influential Brachetti-Peretti family.