SOCAR buys Italy's Italiana Petroli from API Holding
BAKU. Sept 23 (Interfax) - The State Oil Company of the Azerbaijani Republic (SOCAR) signed an agreement on Tuesday to acquire 98.82% of the shares of Italiana Petroli S.p.A. (IP Group) from API Holding, SOCAR said in a statement.
The document was signed within the framework of the 1st Azerbaijan International Investment Forum (AIIF-2025) in Baku. The completion of the deal is expected in Q1 2026.
The closing of the deal is subject to regulatory approvals, SOCAR said.
Italiana Petroli is one of the largest integrated downstream platforms in Italy. The company owns thousands of gas stations across the country and two oil refineries with an annual capacity of around 10 million tonnes. It sells specialized products such as bitumen, aviation fuel and lubricants, and has a logistics system covering the entire country.
SOCAR plans to continue cooperation with the Italiana Petroli team to preserve and strengthen the strong market position and reputation of the Italian company, and to ensure the continuous provision of services to customers and partners, it said.
SOCAR does not plan to reduce the staff of Italiana Petroli.
"This purchase is an important stage in expanding SOCAR's presence in the European energy market and reflects Azerbaijan's commitment to strengthening bilateral economic and energy ties with Italy, as well as contributing to the energy security and sustainable development of the European region," it said.
"The acquisition of Italiana Petroli is an important step in implementing our international diversification strategy. It demonstrates our long-term commitment to developing a competitive, innovative and socially responsible business, contributes to Europe's energy security, and strengthens the partnership between Azerbaijan and Italy," SOCAR President Rovshan Najaf was quoted as saying.
Previously, Italian media reported that the deal would give SOCAR control over a network of more than 4,600 gas stations under the IP brand, as well as oil refining capacities. The total cost of the deal is estimated at approximately 3 billion euros, including around 500 million euros in cash.
SOCAR, advised by Intesa Sanpaolo IMI CIB, prevailed over other contenders for the purchase of Italiana Petroli including Switzerland's Gunvor and the UAE's Bin Butti Group.
IP Group was founded in 1933 with its headquarters in Rome. It is fully owned by the Brachetti-Peretti family.
