api (anonima petrol italiana S.p.A.) is a relatively small independent Italian refiner and marketer. Its core asset is the Falconara Marittima oil refinery on Italy's east coast. This is a reasonably competitive small scale thermal cracking refinery with some mild hydrocracking capacity. Falconara's value adding IGCC unit was permanently shut down in 2013 and the refinery reconfigured to run on gas in future. The company's large 'IP' branded fuel retail network has been progressively scaled down in recent years particularly within its dealer owned segment.