SOCAR has completed the acquisition of a 99.82% stake in Italiana Petroli (IP) from API Holding after receiving all required regulatory approvals.
Founded more than 90 years ago, Italiana Petroli is one of Italy’s leading energy and mobility companies, operating an integrated industrial and logistics network that includes two refineries, storage facilities and a nationwide fuel retail system.
The acquisition officially brings IP into the SOCAR group, significantly strengthening the Azerbaijani energy company’s presence in the European market.
The deal forms part of SOCAR’s long-term strategy to expand its integrated energy value chain and reinforce its footprint across Europe, with Italy remaining a key market in the company’s regional portfolio.
SOCAR is already a major crude oil supplier to Italy through the Baku–Tbilisi–Ceyhan pipeline and also contributes to diversifying Italy’s gas supplies via the Southern Gas Corridor.
According to the company, the acquisition supports its broader objective of building a more integrated and resilient international portfolio capable of adapting to evolving market conditions while aligning with sustainability priorities.
SOCAR President Rovshan Najaf described the acquisition as an important milestone in the long-standing energy partnership between Azerbaijan and Italy.
“The completion of this acquisition marks an important milestone in the longstanding energy collaboration between Azerbaijan and Italy,” he said.
He added that the deal reflects years of economic cooperation and mutual trust between the two countries, while reaffirming SOCAR’s commitment to operational continuity, stability and long-term growth in Italy.
Najaf also said the integration of IP’s network and expertise would strengthen SOCAR’s position in Europe while maintaining the qualities that have shaped IP’s success over decades.
SOCAR said it intends to preserve and further develop IP’s strong market standing, operational capacity, and brand reputation. The company also stressed its commitment to supporting employees, maintaining continuity for customers and partners, and building on the professionalism and expertise already within the business.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 22 June, covering the latest developments you need to know. ...
British Prime Minister Keir Starmer is expected to set out his timetable for departure on Monday, putting Britain on track for its seventh leader in 1...
Tehran and Washington have settled on a 60-day roadmap aimed at reaching a final deal, mediators Qatar and Pakistan have said. Iran's Foreign Minister...
The Democratic Republic of Congo has recorded 1,003 confirmed Ebola cases, including 254 deaths, as health officials warn the outbreak could escalate ...
Australian police say they have seized 2.7 tonnes of cocaine hidden underground near Sydney, the country’s largest cocaine bust to date....
British Prime Minister Keir Starmer is expected to set out his timetable for departure on Monday, putting Britain on track for its seventh leader in 10 years, and paving the way for former Greater Manchester Mayor Andy Burnham to replace him.
Tehran and Washington have settled on a 60-day roadmap aimed at reaching a final deal, mediators Qatar and Pakistan have said. Iran's Foreign Minister said oil and petroleum exports have been waived and the U.S. naval blockade has been lifted, among other measures.
Three people have been killed and five injured in a school shooting in the central Philippines, police in the country have said. Officers said two suspect had been arrested.
Iran's football team has thanked Los Angeles for its hospitality, after a goalless draw with Belgium kept the side's hopes of reaching the World Cup knockout stages.
A train driver has been killed and nine people remain in a critical condition in hospital, after two trains collided near Beford in the east of England on Friday. The passenger trains heading to London collided at around 17:15 local time (1615 GMT).
A magnitude 5.8 earthquake struck southwest of Greece’s island of Crete on Saturday, with no immediate reports of damage.
Paraguay kept their World Cup hopes alive with a hard-fought 1-0 victory over Türkiye, but the celebrations were tempered by a costly red card for veteran forward Miguel Almirón.
At least fifty-four people have been injured and 18 others remain missing following an explosion at Qatar's main liquefied natural gas (LNG) processing hub at Ras Laffan, authorities said on Sunday.
One person has died after two freight trains collided on a bridge in Munich in the early hours of Saturday, causing two carriages to derail and crash onto the street below, German police said.
Tehran and Washington have settled on a 60-day roadmap aimed at reaching a final deal, mediators Qatar and Pakistan have said. Iran's Foreign Minister said oil and petroleum exports have been waived and the U.S. naval blockade has been lifted, among other measures.
At least fifty-four people have been injured and 18 others remain missing following an explosion at Qatar's main liquefied natural gas (LNG) processing hub at Ras Laffan, authorities said on Sunday.
President of Azerbaijan Ilham Aliyev received a delegation led by Mazen Torki Saud Al-Qadi, Speaker of the House of Representatives of Jordan, on 21 June.
Israeli strikes and gunfire killed at least nine people in the Gaza Strip on Saturday, including a child and an Al Jazeera journalist, Palestinian health officials said.
A new film by Swedish filmmaker Mikael Silkeberg traces a cultural journey from Scandinavia to Azerbaijan. The documentary ‘The Homeland in Memory’, available to watch now on AnewZ, looks at how cultural memory in Western Azerbaijan has resisted displacement through its preservation in tradition.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment