SOCAR expands in Europe with Italiana Petroli purchase

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.

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