Azerbaijan’s SOCAR completes acquisition of 99.82% stake in Italiana Petroli

The State Oil Company of the Republic of Azerbaijan (SOCAR) has completed its acquisition of 99.82% of Italiana Petroli (IP) shares from API Holding, finalising the deal after receiving all necessary regulatory approvals.

Following the acquisition, the company becomes part of SOCAR’s international portfolio, strengthening its footprint in the European energy market, Caliber.Az reports, citing SOCAR.

With a history of more than 90 years, IP plays a key role in Italy’s energy security and mobility sector, operating an integrated system that includes two refineries, storage facilities and a nationwide fuel retail network.

The deal aligns with SOCAR’s strategy to expand its integrated energy value chain and deepen its presence in Europe, with Italy identified as a core market.

The company already supplies crude oil to Italy via the Baku–Tbilisi–Ceyhan pipeline and contributes to natural gas diversification through the Southern Gas Corridor.

SOCAR President Rovshan Najaf said the acquisition marks an important milestone in long-standing energy cooperation between Azerbaijan and Italy, describing it as a continuation of a strategic partnership based on trust and economic collaboration.

He added that SOCAR aims to ensure continuity in IP’s operations while strengthening its market position, workforce expertise and long-term development.

The company said the integration will support stable operations, sustainable growth and value creation across its international energy portfolio.

By Bakhtiyar Abbasov