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SOCAR acquires Italian energy giant Italiana Petroli

  • Obyektiv Media
  • Sep 24
  • 2 min read
SOCAR's acquisition of Italian energy giant Italiana Petroli (IP) marks a major step in expanding its European presence. The deal strengthens economic ties between Azerbaijan and Italy, boosting Europe's energy security with IP's vast network of refineries and filling stations.

Azerbaijan's state oil company SOCAR has signed an agreement with the Italian "API Holding" to acquire 99.82% of the shares of one of the country's leading energy companies, "Italiana Petroli" (IP).


According to SOCAR, "the completion of the deal is expected in the first quarter of 2026, subject to the fulfillment of standard closing procedures and the receipt of necessary regulatory approvals." The agreement is the result of a competitive M&A process in which SOCAR has been participating since the fourth quarter of 2024.


"Italiana Petroli" is one of the largest integrated downstream platforms in Italy. The company owns a network of thousands of filling stations across the country, two oil refineries with a total capacity of about 10 million tons per year, is engaged in the sale of specialized products (bitumen, aviation fuel, lubricating oils), and manages a national logistics system.


"This deal is an important stage in expanding SOCAR's presence in the European energy market and reflects Azerbaijan's commitment to strengthening bilateral economic and energy ties with Italy, as well as contributing to the energy security and sustainable development of the European region," SOCAR emphasized.


"The acquisition of 'Italiana Petroli' is an important step in the implementation of our international diversification strategy. It demonstrates our long-term commitment to developing a competitive, innovative, and socially responsible business, contributes to Europe's energy security, and strengthens the partnership between Azerbaijan and Italy," said SOCAR President Rovshan Najaf.


According to the Chairman of the Board of Directors of IP, Ugo Brachetti Peretti, the company has been and remains a key player in the country's fuel sector, as well as an important actor in the field of mobility and Italy's energy security.


The value of the deal has not been disclosed. Earlier, media reported that the deal would cost SOCAR $2 billion.

Italy ranks first in the export of Azerbaijani oil.

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