SOCAR acquires major stake in Italiana Petroli energy firm

Azerbaijan's State Oil Company (SOCAR) has signed an agreement to acquire 99.82% of Italiana Petroli S.p.A (IP), one of Italy's leading energy companies, from API Holding, Report informs, citing SOCAR.

The transaction is expected to close in the first quarter of 2026, pending customary conditions and regulatory approvals. This acquisition follows SOCAR's competitive M&A process initiated in late 2024.

Italiana Petroli is among Italy's largest integrated downstream platforms, operating thousands of fuel stations, two refineries with a combined annual capacity of about 10 million tons, and a comprehensive logistics network. The company also markets specialized products such as bitumen, aviation fuel, and lubricants.

SOCAR plans to maintain IP's strong market position by collaborating with the local management team, ensuring continued high-quality service to customers and partners. The company also commits to retaining the workforce and upholding environmental sustainability as a core priority in Italy.

This acquisition marks a significant step in SOCAR's expansion into the European energy market, strengthening economic and energy ties between Azerbaijan and Italy and contributing to Europe's energy security and sustainable development.

API Holding chose SOCAR after a thorough selection process, valuing its institutional profile and extensive business expertise. The group believes that SOCAR will drive excellence in management, enhance corporate talent, and reinforce IP's strategic role in the Mediterranean region.

SOCAR President Rovshan Najaf highlighted the acquisition as a key milestone in diversifying SOCAR internationally, emphasizing long-term commitment to competitive, innovative, and socially responsible business practices that enhance energy security and deepen the Azerbaijani-Italian partnership.

IP Chairman Ugo Bracchetti Peretti expressed pride in leaving a strong legacy of knowledge, professional excellence, and innovation to SOCAR. He thanked the board and employees for their dedication in making the company a leading market player capable of attracting top-tier international investments.