State Oil Company of Azerbaijan completes acquisition of Italiana Petroli
The State Oil Company of Azerbaijan – SOCAR – has completed the acquisition of a 99.82% stake in Italiana Petroli (IP) from API Holding.
As stated in SOCAR's announcement, the deal was finalized after obtaining all necessary regulatory approvals.
According to the information, the IP group, with a history spanning over 90 years, holds a significant position in the mobility and energy security sectors in Italy. The company possesses an integrated industrial and logistical infrastructure, including two oil refineries, storage facilities, and an extensive retail network across the country.
As a result of the transaction, IP has become part of SOCAR's structure, which will enable the state company to strengthen its position in the European energy market.
SOCAR emphasized that Italy is one of the key markets for the company in Europe.
Thus, 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 to further expand integrated and sustainable international operations amid changing market conditions and sustainable development goals.
SOCAR President Rovshan Najaf called the completion of the deal an important step in the development of energy partnership between Azerbaijan and Italy.
"This is a natural continuation of strategic cooperation based on mutual trust and strong economic ties. The integration of IP's infrastructure and expertise will allow us to strengthen our position in the European market and create a foundation for long-term growth," he stated.
SOCAR also underscored its intention to preserve the Italiana Petroli brand, support the company's workforce, and ensure stable service for customers and partners.
