Srenger’s trading turning to refinery business?
Busalla-based IPLOM welcomes new minority shareholder, Petraco of Lugano, to replace the Sciandra family after EMG’s take over
Busalla(Genoa)-based IPLOM, major customer of Porto Petroli Genoa, served through a direct pipeline, welcomed new minority shareholder, Petraco Oil Company Ltd, renowned international oil trader headquartered in Lugano, Switzerland – holding branches in Guernsey island, in the Channel Islands, at St. Peter Port, in Singapore (since 2003), to control business in AustralAsia region, Milan and Moscow.
The company - controlled by the Srenger family, took over 38% shares previously held by the Sciandra family, which controls Energy Management Group EMG SA, which in turn held shares in the refinery controlled by the Profumo family through Finoil - was encompassed in Iplom group.
The Profumos are still majority shareholders, with 42%, while 4D Global Energy will maintain 20% stakes.
“The present deal, strengthens the existing cooperation between our Refinery and Petraco, fostering upcoming growth opportunities”, comments Genoa-based company.
Petraco, first independent oil trader to deliver crude oil from the Black sea, has recently relocated to Lugano.
Current owner (since 1981) is Ingeborg Inga Srenger, managing director and marketing manager of the company founded in 1972 by Branko Srenger. Operating as trader since 1993, educated as oil market analyst at Petroleum Economics Ltd. of London, specializing in North Sea oil.
She primarily works in Milan and also controls Urals Energy PCL, which exctracts and produces oil in Russia.
The company seals long-term accords, particularly handling crude oil and petroleum products from Russia, Egypt, Iraq and Italy; handling over 350,000 daily barrels, 15 million annual liquid tons and recording double digit million Euro annual revenues.
In the ‘70s Petraco took over a 70,000 daily/barrels refinery in Houston Texas and a couple of product tankers, subsequently selling these assets to focus on trading.
Besides IPLOM, other major customers are - ExxonMobil, British Petroleum, Shell, ENI, Kuwait Petroleum, PTT, Poland-based PKN Orlen and Lotos refineries.
Their trading partners in the Far East list Unipec, IOC, CPC, GS Caltex, SPC, Idemitsu, PTT, Petronas.
IPLOM Spa was founded in 1949 and after the oil spill which dramatically affected the company in 2016 has strengthened again.
In summer 2018 the company sealed an accord with Banks which granted substantial support (143 million Euro indebtedness).
In 1931, Giovan Battista Profumo established the first IPLOM installation in Moncalieri (Torino) relocating to Genoa in 1943 during WWII.
The company producing bitumen and gasoil for traction and very low sulphur fuel oil, is helmed by President and Managing Director Giorgio Profumo, while in 2005 his brother Luigi left the company to start a new business.
Currently recruiting 255 staff and over 500 ancillary services suppliers; 2017 revenues reached 635 million Euro, producing 2 million tons liquid products/year.
This is the only refinery in North-West Italy to be served by two pipelines built in 1962: