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.
A tanker reported being struck by a projectile in the Strait of Hormuz on Saturday, Britain's maritime security agency said, after the United States a...
Iran head coach Amir Ghalenoei has accused World Cup co-host the United States of treating his team "very unfairly", saying logistical restrictions ha...
At least three paramilitary troops and three suspected militants were killed after heavily armed attackers stormed a Rangers security compound in Paki...
"I will be president for only a couple of weeks, and then I will resign," Vucic told supporters at a pro-government rally in the capital, Belgrade....
The death toll in the twin earthquakes which rocked Venezuela earlier this week has risen to 1,430, top lawmaker Jorge Rodriguez said on Saturday. Ano...
Azerbaijan Airlines (AZAL) has taken delivery of its first Airbus A321neo, marking another milestone in the carrier's long-term fleet modernisation programme aimed at improving efficiency, expanding capacity and enhancing the passenger experience.
A senior NATO official has visited Azerbaijan for high-level talks on bilateral cooperation, regional security and preparations for the upcoming NATO summit in Ankara. The visit marked his first official trip to the country.
ANEWZ can exclusively report that European Commission President Ursula von der Leyen is expected to visit Azerbaijan on 1 July.
The United Nations Public Service Forum has opened in Tbilisi, Georgia, for the first time, bringing together 420 participants from nearly 100 countries to discuss public sector governance, digital transformation and citizen-centred service delivery.
France said on Saturday it was considering taking reciprocal measures after Burkina Faso broke off diplomatic relations.
Tens of thousands of people are still unaccounted for after two powerful earthquakes struck Venezuela. At least 589 people have been confirmed dead and hundreds are believed to be trapped under rubble, as emergency crews and international rescue teams race to respond.
Japan remained on high alert Saturday as Typhoon Mekkhala approached the eastern coast after Typhoon Higos weakened into a tropical depression. Authorities warned of continued heavy rain, flooding, and landslides, according to media reports.
A tanker reported being struck by a projectile in the Strait of Hormuz on Saturday, Britain's maritime security agency said, after the United States and Iran each launched strikes in the worst escalation since they signed their interim peace deal.
Germany and Poland are bracing for sweltering conditions as a deadly heatwave that has gripped Western Europe moves east, with temperatures expected to approach 40C over the weekend.
Protesters gathered in Beirut’s southern suburbs after Lebanon and Israel signed a framework agreement in Washington aimed at ending fighting between Israel and Iran-backed Hezbollah.
The UN's International Maritime Organization has paused escort operations through the Strait of Hormuz after a cargo ship was reportedly attacked near Oman, with two U.S. officials accusing Iran of the attack.
Kazakhstan has not received an official request from Russia for petrol supplies, Energy Minister Yerlan Akkenzhenov said, as fuel shortages and sales restrictions in Russia raise concerns over fuel supplies across Central Asia.
Iran's Ministry of Foreign Affairs on Friday (26 June) condemned as "interventionist, irresponsible and provocative" a statement issued following a joint meeting of foreign ministers from the U.S. and the Gulf Cooperation Council (GCC) in Manama, Bahrain.
Azerbaijan Airlines (AZAL) has taken delivery of its first Airbus A321neo, marking another milestone in the carrier's long-term fleet modernisation programme aimed at improving efficiency, expanding capacity and enhancing the passenger experience.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment