SOCAR WANTS TO PURCHASE AN OIL REFINERY COMPLEX IN ITALY FOR $3 BILLION

Azerbaijan's state-owned oil company SOCAR is negotiating the possible purchase of a major Italian oil refining complex. The assets in question are Italiana Petroli, owned by the Peretti family, Reuters reports.

This asset is a true gem: it includes two oil refineries with a total capacity of 200,000 barrels per day and a massive network of over 4,500 service stations across the country. The deal could be worth around $3 billion.

However, Italy is setting its own conditions. The country's authorities want solid guarantees from SOCAR and the Azerbaijani government regarding the stability of oil supplies and the preservation of all jobs at factories and service stations.

In this context, a serious problem arises. The tanker Delta Blue, loaded with Azerbaijani oil and found to be contaminated with chlorides, has been stuck off the coast of Sardinia for over ten days, unable to unload. Previously, the Turkish port of Ceyhan had been shut down for several days due to the poor quality of the oil. Several European countries, including Italy, Romania, the Czech Republic, and Austria, have already faced a similar problem.

NiK recalls that the incident involving chloride contamination in the BTC pipeline has already damaged the reputation of Azerbaijani oil: the Azeri Light quality premium has fallen to its lowest level in four years.