Goodbye Italian IP: the oil company sells to the Azeris of SOCAR

An icon of Italian energy is changing hands. Italiana Petroli (IP), the historic company controlled by the Brachetti Peretti family through the API group, is preparing for a momentous change: a preliminary agreement has been reached for the sale of 100% of its shares to Azerbaijan's state-owned oil company, SOCAR .

The estimated value of the transaction? Around 2.5 billion euros , according to Reuters. This figure also includes the €500 million in net cash in the company's accounts. But there's much more behind the numbers: an industrial history rooted in post-war Italy that is now intertwined with the energy balance of the Mediterranean.

All assets in play

The agreement covers IP's entire industrial footprint: from the Falconara Marittima and Trecate refineries to the network of approximately 4,500 service stations across the country. This infrastructure also includes 5 million cubic meters of storage capacity and a series of active contracts with the Alma refinery in Ravenna.

A complete package, attractive to a giant like Socar, committed to consolidating its presence in Europe along the entire value chain: import, refining, distribution.

The last flag to fall?

The transfer of IP to a foreign entity is not just market news, but a strong signal. Following the Moratti family's sale of Saras to the Dutch group Vitol, Italy's last major oil and gas company is also changing ownership. Another flag is being lowered, one might say, in a process of progressive globalization and consolidation that is reshaping the European energy landscape.

Yet the issue remains open. The Italian government has already announced that the operation will be subject to scrutiny under its golden power, the instrument for protecting Italy's strategic assets. Specifically, Palazzo Chigi will require guarantees on three fronts: continuity of supplies, protection of employment , and future investments in Italy.

A geopolitical game

The issue isn't just industrial. The arrival of SOCAR—which reports directly to the Baku government—also opens a window onto the geopolitical balance of energy in the Mediterranean. Azerbaijan has long been trying to carve out a leading role in European energy flows, leveraging the Southern Gas Corridor and strategic partnerships in Greece, Albania, and now Italy.

The acquisition of IP could transform it into a leading logistics platform , allowing SOCAR to strengthen its market presence and, at the same time, revitalize a national infrastructure that has been in need of renewal in recent years.

The promise: no cuts, more investments

In an internal communication to employees, the Brachetti Peretti family immediately clarified a key point: no staff cuts and full operational continuity. Indeed, the operation is being presented as a relaunch, the beginning of a new phase that could strengthen IP's position internationally. On the other hand, SOCAR appears to have clear ideas: with solid financial resources and cutting-edge technologies, the Azerbaijani group aims to make IP a modern, efficient, and competitive hub.

The future is played on two tables

IP's future is now being played out on two fronts. The first is political approval: the government will have to decide whether SOCAR's entry is compatible with the national interest. The second, more long-term, concerns the sustainability of the industrial project: will investments really be guaranteed? Will jobs be guaranteed? Will its identity be guaranteed? For now, one thing is certain: a chapter has been turned. The next chapter is yet to be written, and it could change the face of Italian energy in the coming years.