SOCAR launches operations in Italy by registering SOCAR Italia subsidiary

BAKU. May 28 (Interfax) - The State Oil Company of the Azerbaijani Republic (SOCAR) has opened the SOCAR Italia subsidiary in Italy, SOCAR said in a statement following talks in Rome between SOCAR President Rovshan Najaf met with Gilberto Pichetto Fratin, Italy's Minister for Environment and Energy Security, and Adolfo Urso, Italy's Minister for Enterprises and Made in Italy.

"During the meetings, satisfaction was expressed with the sustainable development of relations between Azerbaijan and Italy in the energy sector, based on successful economic cooperation," SOCAR said.

The acquisition by SOCAR of shares in Italiana Petroli from API Holding was described as an important step in expanding cooperation between the two countries in the energy sector.

"The SOCAR president said the official launch of SOCAR Italia, as well as SOCAR"s acquisition of shares in Italiana Petroli, are clear examples of the successful cooperation between the two countries," the company said.

Following the meeting, Adolfo Urso said on social media that SOCAR's investment in Italiana Petroli (IP) strengthened Italy's standing as an industrial and energy platform.

SOCAR signed an agreement to acquire 98.82% of the shares of Italiana Petroli from API Holding in September 2025. The deal was closed on May 8, 2026.

IP Group was founded in 1933 with its headquarters in Rome. It was fully owned by the Brachetti-Peretti family. 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 annual capacity of around 10 million tonnes, and has an extensive logistics network.

The deal gives SOCAR control over a network of more than 4,600 filling stations under the IP brand, as well as oil refining capacities. The total cost of the deal is estimated at approximately 3 billion euros.