Latest news with #Gunvor
Yahoo
3 days ago
- Business
- Yahoo
Gunvor and Azerbaijan's SOCAR reportedly competing to acquire Italiana Petroli
-- Global commodity trader Gunvor and the State Oil Company of Azerbaijan (SOCAR) are in a tight competition to acquire oil refiner Italiana Petroli, according to a Reuters report on Friday. The final offers for the privately-owned Italian company are due by the end of May. The Abu Dhabi-based Bin Butti Group is also anticipated to submit a bid. However, their chances of acquiring the company are thought to be lower as they entered the sale process later and have had less time to evaluate the refiner. The Brachetti Peretti family, the sellers of Italiana Petroli, are reportedly seeking a valuation of approximately 3 billion euros ($3.4 billion) for the entire group. Last year, the group reported an adjusted core profit of nearly 500 million euros and had a net cash position of 408 million euros at the end of December. Related articles Gunvor and Azerbaijan's SOCAR reportedly competing to acquire Italiana Petroli Saudi Arabia reportedly planning massive Airbus order Citi adds Knight-Swift to catalyst watch Sign in to access your portfolio
Reuters
3 days ago
- Business
- Reuters
Gunvor, SOCAR neck and neck to buy refiner Italiana Petroli, sources say
MILAN, May 30 (Reuters) - Global commodity trader Gunvor and State Oil Company of Azerbaijan (SOCAR) are neck and neck in the race to buy oil refiner Italiana Petroli, three sources close to the matter said on Friday, as an end-May deadline to submit final offers looms. Abu Dhabi-based Bin Butti Group is also expected to submit a bid, but its chances to acquire the privately-owned Italian company are considered slimmer as it joined the sale process only recently and has had less time to study the refiner, the sources said. Two of the sources said the seller, the Brachetti Peretti family, was seeking a valuation of around 3 billion euros ($3.4 billion) for 100% of the group, which last year posted an adjusted core profit of nearly 500 million euros and had net cash of 408 million euros at end-December. Gunvor and Italiana Petroli declined to comment. SOCAR and Bin Butti were not Noavailable to comment. Italiana Petroli's sale comes after commodity trading house Vitol last year bought Italian oil refiner Saras from the Moratti family, highlighting private investors' desire to withdraw from an increasingly volatile business area. IP, which is being advised by UniCredit, has a total refining capacity of around 200,000 barrels per day. It also has a network of 4,600 fuel stations. The group increased its refining and fuel storage capacity in late 2023 when it finalised the acquisition of Exxon Mobil's (XOM.N), opens new tab Italian assets. IP currently owns a refinery in Ancona, eastern Italy; the SARPOM refinery in Trecate in the north; and has a tolling contract for the Alma refinery in Ravenna, towards the north east. Trecate deals with the production of different kinds of fuel, including aviation propellant, while the other two plants produce bitumen. The sources said both SOCAR and Gunvor had conducted in-depth analyses of the company and visited IP's industrial sites to prepare their final offers. SOCAR is being advised by Italy's Intesa Sanpaolo IMI CIB. Rothschild is working with Gunvor. ($1 = 0.8819 euros)
Zawya
6 days ago
- Business
- Zawya
SOCAR, Gunvor, Bin Butti to bid for refiner Italiana Petroli, sources say
MILAN - State Oil Company of Azerbaijan (SOCAR), global commodity trader Gunvor and Abu Dhabi-based Bin Butti Group are expected to submit binding offers for Italian oil refiner Italiana Petroli (IP) next week, two sources close to the deal said on Tuesday. IP, also known as API Group, is being advised by UniCredit on the potential sale, the sources said. IP is owned by Italy's wealthy Brachetti Peretti family and has a total refining capacity of around 200,000 barrels per day (bpd). It also owns a network of 4,600 fuel stations. IP declined to comment. Gunvor, SOCAR and Bin Butti Group were not immediately available to comment. Italian daily la Repubblica said on Tuesday, citing unnamed sources, that SOCAR is seen as the front runner for the acquisition and that IP is valued at between 2.3 billion euros and 2.5 billion euros ($2.61 billion-$2.84 billion). SOCAR and Gunvor have been exploring possible bids for longer than Bin Butti, which joined the race for the Italian group only recently, the sources told Reuters. Reuters reported last month that binding bids for IP were due by the end of May and mentioned SOCAR, Gunvor and Glencore as potential bidders. ($1 = 0.8797 euros) (Reporting by Francesca Landini and Valentina Za, additional reporting by Nailia Bagirova and Federico Maccioni; writing by Gianluca Semeraro, editing by Susan Fenton)
Reuters
6 days ago
- Business
- Reuters
SOCAR, Gunvor, Bin Butti to bid for refiner Italiana Petroli, sources say
MILAN, May 27 (Reuters) - State Oil Company of Azerbaijan (SOCAR), global commodity trader Gunvor and Abu Dhabi-based Bin Butti Group are expected to submit binding offers for Italian oil refiner Italiana Petroli (IP) next week, two sources close to the deal said on Tuesday. IP, also known as API Group, is being advised by UniCredit ( opens new tab on the potential sale, the sources said. IP is owned by Italy's wealthy Brachetti Peretti family and has a total refining capacity of around 200,000 barrels per day (bpd). It also owns a network of 4,600 fuel stations. IP declined to comment. Gunvor, SOCAR and Bin Butti Group were not immediately available to comment. Italian daily la Repubblica said on Tuesday, citing unnamed sources, that SOCAR is seen as the front runner for the acquisition and that IP is valued at between 2.3 billion euros and 2.5 billion euros ($2.61 billion-$2.84 billion). SOCAR and Gunvor have been exploring possible bids for longer than Bin Butti, which joined the race for the Italian group only recently, the sources told Reuters. Reuters reported last month that binding bids for IP were due by the end of May and mentioned SOCAR, Gunvor and Glencore (GLEN.L), opens new tab as potential bidders. ($1 = 0.8797 euros)
IOL News
22-04-2025
- Business
- IOL News
New owners lined up for Shell petrol stations in South Africa
Abu Dhabi National Oil Co. and Swiss commodities trading firm Gunvor are among companies that have been shortlisted to buy Shell Plc's downstream assets in South Africa, according to various news reports over the weekend. The two companies are strong contenders for the assets that are valued at about $1 billion (R18.82 billion), the reports said, citing people, who asked not to be identified, as the information was private. Previous potential bidders including Trafigura's Puma Energy, Sasol and PetroSA are no longer in the running, the reports said. 'While Adnoc Distribution regularly reviews opportunities for domestic and international growth, we don't comment on market speculation,' Adnoc's fuel retail unit said. Shell has been looking to offload the assets, which include about 600 fuel stations and trading operations in Africa's biggest economy, as part of a broader strategy to focus on regions and businesses that offer higher returns. The assets are attractive for trading firms since they ensure demand for fuels that they can then supply. Adnoc and other Middle East oil companies such as Saudi Aramco have been expanding their trading arms as they look to break into new markets. Talks were continuing and there was no certainty there would be a final sale, the reports said. A deal would give the buyer about 10% of South Africa's fuel stations. The market in the country has changed significantly in recent years with trader Glencore Plc acquiring Chevron Corp.'s Caltex-branded stations a few years back. Ttrader Vitol Group's Vivo Energy last year bought Engen, the African nation's largest petrol station chain.
