15:12 - 23.09.2025

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September 23, Fineko/abc.az. The State Oil Company of Azerbaijan (SOCAR) has signed an agreement on purchase of 99.82% of the shares of Italian company Italiana Petroli (IP) from API Holding.

ABC.AZ reports with reference to SOCAR that the transaction will be completed after meeting the standard conditions and obtaining permits from regulatory authorities.

The deal is expected to close in the first quarter of 2026. Negotiations were conducted as part of the M&A process, in which SOCAR has participated since the end of 2024.

Italiana Petroli is one of the largest integrated downstream platforms in Italy. The company owns thousands of gas stations across the country, two oil refineries with annual capacity of about 10 million tons, and also sells bitumen, aviation fuel and lubricating oils, and has a logistics network covering the entire country.

The company has strong reputation among clients and the communities in which it operates. SOCAR plans to continue working with the local team to maintain and strengthen IP's strong market position, ensuring continuous delivery of high-quality services to its customers and partners. The company will also not reduce its workforce and will maintain the principles of respect for the environment as one of the main directions of its activities in Italy.