SOCAR closes deal to buy Italiana Petroli
BAKU. May 12 (Interfax) - The State Oil Company of Azerbaijan Republic (SOCAR) has closed a deal to acquire 99.82% of Italiana Petroli (IP) from API Holding.
"The transaction has been finalized following the receipt of all required regulatory approvals," SOCAR reported in a press release.
With a history spanning more than 90 years, IP Group plays a significant role in Italy`s mobility and energy security, operating an integrated industrial logistics system that includes two refineries, storage facilities, and an extensive nationwide retail network, SOCAR said.
"Following its acquisition by SOCAR, IP has become part of an international group, strengthening the company's presence in the European energy market," SOCAR said.
Italy is "a core market" within SOCAR's regional portfolio, as the company is a significant supplier of crude oil to Italy through the Baku-Tbilisi-Ceyhan pipeline, while also contributing to the diversification of natural gas supplies to Italy through the Southern Gas Corridor, the press release said.
"In this context, the transaction further advances SOCAR's strategy of building an integrated and resilient international portfolio aligned with evolving market conditions and Group's sustainability priorities," the company said.
SOCAR also affirmed its commitment "to preserving and further developing IP's strong market position, brand reputation, and operational capabilities, while supporting the expertise, professionalism, and valorization of its people, and continuity for customers and business partners."
SOCAR signed an agreement to acquire 99.82% of shares in IP from API Holding in September 2025.
IP Group was founded in 1933 and is wholly owned by the Brachetti Peretti family. Italiana Petroli is one of the largest integrated downstream platforms in Italy, encompassing two oil refineries with combined capacity of about 10 million tonnes per year, a developed logistics network and thousands of filling stations.
The deal, which will give SOCAR control over a chain of more than 4,600 filling stations under the IP brand and refining capacity, is estimated to be worth about 3 billion euros.
