Azerbaijan's SOCAR fortifies European presence with landmark agreement

Azerbaijan’s State Oil Company (SOCAR) has taken a significant step to bolster its foothold in the European energy market following the signing of a pivotal Share Purchase Agreement with Italian firms Italiana Petroli S.p.A. and MIP S.p.A.

The signing ceremony was held in Baku, with Azerbaijan’s Minister of Economy, Mikail Jabbarov, in attendance, Caliber.Az reports.

We participated in the signing ceremony of the Share Purchase Agreement between #SOCAR (@SOCARofficial), Italiana Petroli S.p.A., and MIP S.p.A. within the framework of the 1st #Azerbaijan International #Investment Forum held in Baku. This landmark agreement will play a pivotal… pic.twitter.com/Gdj7pvUWhz

— Mikayil Jabbarov (@MikayilJabbarov) September 23, 2025

“We participated in the signing ceremony of the Share Purchase Agreement between SOCAR, Italiana Petroli S.p.A., and MIP S.p.A. within the framework of the 1st Azerbaijan International Investment Forum held in Baku. This landmark agreement will play a pivotal role in strengthening Azerbaijan’s contribution to global energy security, securing direct access to the European market, broadening the value chain, and reinforcing logistic-al advantages,” Minister Jabbarov posted on his X account.

“This cooperation stands as testament to Azerbaijan’s growing influence as an international investor and its expanding role in shaping global energy architecture,” he added.

By Vafa Guliyeva