June 13, 2025 [Reuters]- Italiana Petroli, which is currently in talks with three suitors interested in buying the oil refiner, is expected to take a decision on the potential 3 billion euro ($3.5 billion) deal around the end of this month, two sources with knowledge of the matter said on Thursday.

Global commodity trader Gunvor, State Oil Company of Azerbaijan (SOCAR) and Abu Dhabi-based Bin Butti Group have all presented binding offers to buy the 100% of the privately-held group, sources previously said.

One of the two sources told Reuters that other industrial groups from the Middle East have reached out to the Italian company to signal their interest in case ongoing negotiations fall through and the seller decides to re-open the process.

One of the sticking points in current talks is the valuation, the sources said, adding the seller – the Brachetti Peretti family – is seeking around 3 billion euros.

Italiana Petroli and Gunvor declined to comment. SOCAR and Bin Butti Group were not immediately available to comment on negotiations.

The refiner last year posted an adjusted core profit of nearly 500 million euros and had net cash of 408 million euros at end-December.

The group, 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.

It increased its refining and fuel storage capacity in late 2023 when it finalised the acquisition of Exxon Mobil’s Italian assets.

It 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.

SOCAR is being advised by Italy’s Intesa Sanpaolo IMI CIB. Rothschild is working with Gunvor.