Italy's leading private fuel and mobility group IP said on Tuesday it signed a deal to buy fuel and refining assets owned by Exxon Mobil's subsidiary Esso Italiana.
Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration
Last year the top U.S. oil producer tried to accelerate its divesture plans, leveraging increased interest in its properties on the back of rising oil and gas prices. Family-owned IP will also 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.The deal will boost IP's production volumes, the Italian company said, adding its refining capacity would double to nearly 10 million tonnes per year thanks to the complete control of the Trecate refinery.
"It marks the strengthening of an Italian player in a strongly evolving market and at a complex time. The government is closely monitoring the entire sector also in Europe," Giorgetti said in a tweet on his official account.
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