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.
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