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Government seeking supply, job assurances under 'golden

power'

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Rome, Baku maintain good relations

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Azerbaijan is important gas supplier to Italy

By Giuseppe Fonte and Francesca Landini

ROME, Sept 4 (Reuters) - - Italy is seeking guarantees

on fuel supply security from the Azeri government if the

founding family of Italiana Petroli agrees a sale to

Azerbaijan's state energy company SOCAR, two sources said on

Thursday.

IP's private owner, the Brachetti Peretti family, is seeking

an enterprise value of around 2.5 billion euros ($2.93 billion)

for the refiner, separate sources previously told Reuters, and

is currently in negotiations with SOCAR.

An Abu Dhabi investor has also expressed interest in buying

the refiner, according to the same sources.

The Azerbaijan government and SOCAR were not available to

comment on the issue outside business hours. IP did not

immediately respond to a request for comment.

IP has refining capacity of around 200,000 barrels per day

and owns more than 4,500 petrol stations, one of Italy's largest

pump networks.

The Italian government's so-called golden power grants it

special influence in deals involving critical assets, including

energy companies and refineries, and allows it to set conditions

before clearing their sale.

The two sources said Italian authorities had approached

SOCAR and the Azeri government seeking guarantees regarding the

continuation of supplies and the protection of jobs.

Rome and Baku maintain good diplomatic relations, and

Azerbaijan is an important gas supplier for Italy via the Trans

Adriatic Pipeline.

Earlier this year Azerbaijan's Baku Steel Company expressed

interest in Italy's largest steel company, Acciaierie d'Italia,

but it failed to finalise a comprehensive deal with Rome,

prompting the government to reopen the tender process.

If finalised, a deal for IP would follow the sale by Italy's

Moratti family of its controlling stake in oil refiner Saras to

global commodity trading house Vitol last year.

IP posted an adjusted core profit of nearly 500 million

euros in 2024 and had a net cash position of 408 million euros

at end-December.

It currently owns a refinery in Ancona, eastern Italy, as

well as the SARPOM refinery in Trecate in the north. It has

rented out the Alma refinery in Ravenna under a tolling

contract.

UniCredit is advising the Brachetti Peretti family

on the deal, while SOCAR is being advised by Intesa Sanpaolo IMI

CIB.

($1 = 0.8542 euros)

(Additional reporting by Ahmad Ghaddar in London; Editing by

Joe Bavier)