Oil & Gas

26 Dec 2022

Ip Signs Deal to Buy Exxonmobil’s Fuel and Refining Assets in Italy

26 Dec 2022  by   

The Italian private petroleum company Italiana Petroli (IP) has signed an agreement to purchase fuel and refining assets owned in Italy by Esso Italiana, a subsidiary of Exxon Mobil.
IP will buy the whole of Esso Italiana fuel sales activities in Italy, the Genoa, Arluno, and Chivasso depots and the Engycalor Energia Calore company, which controls the Naples bitumen depot and handles sales to business customers. IP will also acquire the 75% of a 9 Mt/year refinery based in Trecate, near Milan, it does not already own and 12.5% of Disma company, which manages the Milan Malpensa airport aviation fuel depot.
Since 2021, ExxonMobil has tried to accelerate its divesture plans, leveraging increased interest in its properties on the back of rising oil and gas prices. The US oil company pledged to sell dozens of properties in Asia, Africa, the United States and Europe, notably to reduce its debt.


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