Azerbaijan’s SOCAR has reached an agreement to buy almost all shares of Italiana Petroli from API Holding, a move that will boost its footprint in Europe’s energy sector.
SOCAR said the transaction, covering 99.82% of Italiana Petroli’s (IP) shares, is expected to close in early 2026 once regulatory and standard conditions are met. The deal comes after SOCAR’s participation in a competitive M&A process launched in late 2024.
Italiana Petroli is among Italy’s leading downstream energy companies, running thousands of filling stations, two refineries with a combined capacity of around 10 million tonnes per year, and a nationwide distribution system. It also produces and sells bitumen, aviation fuel, and lubricants, maintaining a reputation for safety, efficiency, and strong community ties.
SOCAR plans to work with IP’s existing management, keep jobs intact, and prioritise environmental commitments. The company underlined that the acquisition will consolidate its role in Europe while strengthening economic and energy relations between Azerbaijan and Italy, supporting Europe’s energy security and sustainability.
API Holding said its decision to sell was based on SOCAR’s solid track record and global standing. It stressed that the move will enable Italiana Petroli to keep pursuing operational excellence, attract international capital, and reinforce its position as a key Mediterranean hub.
At the signing ceremony, SOCAR President Rovshan Najaf described the step as central to the company’s global diversification strategy.
“It reflects our commitment to building a competitive, innovative, and responsible business, while contributing to Europe’s energy stability and reinforcing Azerbaijan-Italy cooperation,” Najaf said.
Italiana Petroli Chairman Ugo Brachetti Peretti noted that the company has been a national reference point in the fuel sector for decades.
“After more than 90 years, we are proud to hand over a solid legacy of skills, professionalism, and innovation that will ensure the company’s continued strength under its new owners,” Peretti said.
Saudi Arabia has temporarily shut down its 1,200-kilometre East-West oil pipeline after it was hit by a drone attack, with Riyadh and Baghdad sayin...
Russia's Defence Ministry said its forces struck two cargo vessels overnight in the Ukrainian Black Sea port o...
U.S. President Donald Trump said on Saturday he would “love” to see British-run Northern Ireland unify...
Overnight Iranian strikes on an air base in Jordan damaged multiple U.S. aircraft and left one without a wing, American media reported. Meanwhile, explosions were heard across parts of southern Iran according to local media reports.
Iranian President Masoud Pezeshkian arrived in New Delhi on Friday to attend the weekend BRICS summit, amid the ongoing U.S.-Iran conflict, joining a host of foreign dignitaries.
Ukrainian forces struck a Russian oil refinery in Siberia and a seaport in Dagestan in the past 24 hours, President Volodymyr Zelenskyy said. He will meet Canadian Prime Minister Mark Carney on Thursday to discuss air defences for Ukraine over winter.
Mexico and the U.S. are racing to secure a trade deal before the U.S. midterm elections in less than eight weeks, according to six sources familiar with the talks, with failed negotiations between Washington and Canada adding urgency.
Dubai’s property market has spent years climbing. Now, for the first time since 2021, prices are moving in the opposite direction.
Uzbekistan plans to introduce a new Heritage Impact Assessment system to shield historic cities and cultural heritage sites from the potential impact of construction and infrastructure development. Digital tools will also be used to manage tourist numbers and limit visitors where necessary.
Prime Minister Shehbaz Sharif has reaffirmed Pakistan’s commitment to deepening its partnership with the Gates Foundation, with talks spanning polio eradication, health, financial inclusion and digital development.
Iranian President Masoud Pezeshkian arrived in New Delhi on Friday to attend the weekend BRICS summit, amid the ongoing U.S.-Iran conflict, joining a host of foreign dignitaries.
Georgia’s top security official has held face-to-face talks with his Azerbaijani counterpart in China, with both sides pledging to deepen intelligence cooperation amid growing global security challenges.
More than 46,000 people have been displaced in Yemen since fighting escalated last week, the International Organization for Migration (IOM) said on Friday, warning that the number is rising “by the hour”.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment