By Basti Mammad
Copyright trend
BAKU, Azerbaijan, September 23. The State Oil
Company of Azerbaijan (SOCAR) has signed an agreement to acquire
99.82 percent of the shares of Italiana Petroli (IP), one of the
leading energy companies in Italy, from API Holding. The agreement
follows a competitive M&A process, in which SOCAR has been
engaged since Q4 2024, Trend reports via SOCAR.
The transaction is conditioned on the obtainment of the required
regulatory clearances (antitrust, foreign subsidies, and golden
power). The closing is expected to occur by the end of the first
quarter in 2026.
Italiana Petroli is one of Italy’s largest integrated downstream
platforms, with a nationwide network of thousands of fuel retail
stations, a refining capacity of around 10 million tonnes per year
across two refineries, sales of specialties such as bitumen, jet
fuel, and lubricants, and a logistics system covering the entire
The business is led by an experienced local management team and
a professional workforce recognized for its focus on safety,
compliance, and performance, and it is well-regarded by its
customers and the communities it operates in. SOCAR intends to
continue to work with them to preserve and build on IP’s strong
market position and reputation, ensuring the uninterrupted delivery
of high-quality services to customers, partners, and stakeholders.
SOCAR will not reduce its workforce, and in line with SOCAR’s
strategy, respect for the environment will remain a priority in its
activities in Italy.
This acquisition represents a significant milestone in expanding
SOCAR’s presence in the European energy market and reflects its
commitment to strengthening bilateral economic and energy relations
between Azerbaijan and Italy, as well as contributing to the energy
security and sustainable development of the European region.
API Holding decided to sell its entire stake in IP, further to a
careful selection process, as a result of SOCAR’s institutional
profile and deep knowledge of the business. API Holding believes
that the sale to a multinational industrial group with solid
credentials may allow IP to continue with the constant pursuit of
excellence, which has characterized the current management
throughout the years, by valuing corporate talents, strengthening
the Group’s positioning on a global scale, and confirming its
mission as a strategic hub in the Mediterranean.
“The acquisition of Italiana Petroli is an important step in our
international diversification strategy. It reflects our long-term
commitment to developing a competitive, innovative, and responsible
business that contributes to Europe’s energy security and further
deepens the partnership between Azerbaijan and Italy,” Rovshan
Najaf, President of SOCAR, stated.
Chairman Ugo Brachetti Peretti also highlighted the synergies
derived from the contractual agreement, emphasizing the strategic
optimizations that are anticipated to enhance operational
efficiencies.
“IP is and remains a point of reference in the fuels sector at
the national level and a fundamental player for mobility and energy
security in Italy.
After more than 90 years at the helm of what has become one of
the main Italian companies, we are proud to leave the future
holders with a solid inheritance made of competence, extraordinary
professionals, know-how, and an exceptional ability to
A sincere thanks goes to the management and all the people whose
passionate dedication made our excellent results a reality,
contributing to making this company one of the main players in the
market, capable of attracting investments from first-class
international realities,” he said.
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