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.
U.S. Vice President JD Vance lashed out on Tuesday at what he called "disgraceful" European...
The head of a body representing global airlines said on Wednesday that even if Iran reopened the Stra...
Pakistan’s Prime Minister Shehbaz Sharif said Iran and the United States, along with their allies, have a...
U.S. President Donald Trump announced on Tuesday that...
The third Turkish-owned vessel has departed the Persian Gulf via the Strait of Hormuz, Transport Minister Abdulkadir Uraloğlu said on Monday....
Trade between Georgia and Azerbaijan is on the rise, but business leaders say the current figures fall short of what the two neighbours could achieve together.
The shifting international landscape from a rigid, Western-oriented world order to a more flexible one has contributed to the rise of numerous countries, especially from the Global South to the status of emerging middle powers.
The official visit of Azerbaijan President Ilham Aliyev to Georgia marks a significant moment in South Caucasus diplomacy, highlighting a deepening strategic partnership amid global uncertainty.
Azerbaijan and Georgia’s leaders met on Monday (6 April) to strengthen ties as the Middle Corridor emerges as a key Asia- Europe link. Talks focused on economic cooperation, infrastructure, and regional stability amid shifting global trade dynamics.
The crew of Artemis II mission are entering a pivotal phase of their journey, as they prepare to swing around the Moon and head back towards Earth. Now on the fifth day of their 10-day mission, the four astronauts are already witnessing views no human has ever seen.
U.S. President Donald Trump on Monday told reporters that Iran could be taken out in one night, "and that night might be tomorrow night," warning Tehran it had to make a deal by Tuesday night or face wider bombing raids.
A new proposal to end hostilities between the United States and Iran could come into effect as soon as Monday, potentially reopening the vital Strait of Hormuz, a source familiar with the plan said on Monday.
U.S. President Donald Trump threatened Iran's "whole civilisation" on Tuesday in a post on social media. Meanwhile, the UN failed to reach an agreemement on a resolution aimed at reopening the Strait of Hormuz, after China and Russia used their vetoes.
As Hungary approaches a crucial vote, younger citizens who grew up under Prime Minister Viktor Orbán are increasingly backing the opposition, with some saying they may leave if he secures another term.
The third Turkish-owned vessel has departed the Persian Gulf via the Strait of Hormuz, Transport Minister Abdulkadir Uraloğlu said on Monday.
South Korea is seeking alternative oil supplies from Kazakhstan as disruptions in the Strait of Hormuz expose its reliance on Middle Eastern energy routes.
Trade between Georgia and Azerbaijan is on the rise, but business leaders say the current figures fall short of what the two neighbours could achieve together.
Afghanistan has moved to deepen health and trade cooperation with Uzbekistan, while also holding separate talks with Kyrgyz and Uzbek diplomats on regional ties, transit and future joint steps.
At least 10 people have died and several others were wounded after an Israeli airstrike on a neighbourhood outside a school sheltering displaced Palestinians on Monday (7 April), according to health officials.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment