SOCAR completed the purchase of Italian company Italiana Petroli

The State Oil Company of Azerbaijan – SOCAR – has completed the procedure of acquiring a 99.82% stake in Italiana Petroli (IP) from API Holding.

According to SOCAR, the deal was completed after obtaining all necessary regulatory approvals.

According to the information, the IP group, which has a history spanning over 90 years, holds an important place in the sphere of mobility and energy security of Italy. The company has an integrated industrial and logistics infrastructure, including two oil refining facilities, storage capacities, and an extensive retail network across the country.

As a result of the deal, IP has become part of SOCAR's structure, which will allow the company to strengthen its position in the European energy market.

SOCAR emphasized that Italy is one of the company's key markets in Europe.

In particular, SOCAR is one of the leading suppliers of crude oil to Italy via the Baku–Tbilisi–Ceyhan pipeline and also contributes to the diversification of natural gas supplies to the country through the Southern Gas Corridor. From this perspective, the deal aligns with SOCAR's strategy of further expanding integrated and sustainable international operations amid a changing market environment and sustainable development goals.

SOCAR President Rovshan Najaf called the completion of the deal an important milestone in energy cooperation between Azerbaijan and Italy.

"This is a logical continuation of a strategic partnership based on mutual trust and sustainable economic cooperation. By integrating IP's infrastructure and expertise into our operations, we are strengthening our position in the European market and creating a foundation for long-term development," he noted.

The company also stated that it intends to preserve and develop IP's market positions and brand, support the company's employees, and ensure uninterrupted operations for customers and partners.