EC approved SOCAR's acquisition of Italian Italiana Petroli

The European Commission has approved the acquisition of 99.82% of shares in the Italian company Italiana Petroli (IP) by the State Oil Company of Azerbaijan (SOCAR) from API Holding.

As reported by BAKU.WS, the European bureau of Report announces this with reference to the commission.

"The transaction mainly concerns the supply of crude oil and petroleum products," the EC stated.

As indicated by the European Commission, the purchase will not cause competition concerns, given the limited market positions as a result, therefore the review was conducted under the simplified merger procedure.

"Italiana Petroli" is one of Italy's largest integrated downstream platforms. The company owns thousands of gas stations throughout the country, two oil refineries with an annual capacity of approximately 10 million tons, and is also engaged in the sale of bitumen, aviation fuel, and lubricating oils, and has a logistics network covering the entire country.

As previously reported, the agreement to purchase 99.82% of Italiana Petroli shares between SOCAR and API Holding was signed on September 23, 2025.

This acquisition is an important step in expanding SOCAR's presence in the European energy market, and will also contribute to strengthening Azerbaijan's economic and energy cooperation with Italy, as well as Europe's energy security and sustainable development.