EU approves SOCAR’s acquisition of Italiana Petroli

The European Commission has approved the State Oil Company of Azerbaijan (SOCAR) to acquire 99.82% of shares in Italian energy firm Italiana Petroli (IP) from API Holding.

“The deal primarily concerns the supply of crude oil and petroleum products,” the European Commission said.

The Commission added that the purchase would not raise competition concerns due to the limited market positions involved. The transaction was therefore reviewed under the simplified merger procedure.

Italiana Petroli is one of Italy’s largest integrated downstream platforms. The company operates thousands of service stations across the country, two refineries with a combined annual capacity of around 10 million tonnes, and is active in the sale of bitumen, aviation fuel, and lubricants. It also maintains a nationwide logistics network.

The agreement for SOCAR to acquire 99.82% of Italiana Petroli shares was originally signed on September 23, 2025.

The deal represents a major milestone in SOCAR’s growth in the European energy sector and is set to boost economic and energy ties between Azerbaijan and Italy, while supporting Europe’s energy security and sustainable development goals.

By Aghakazim Guliyev