16:45 - 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 shares of one of the leading Italian energy companies Italiana Petroli (IP) from API Holding.

ABC.AZ reports that this acquisition marks a significant step in SOCAR's expansion into the European energy market, strengthening economic and energy ties between Azerbaijan and Italy and contributing to Europe's energy security and sustainable development.

API Holding chose SOCAR after a thorough selection process, valuing its institutional profile and extensive business expertise. The group believes that SOCAR will drive excellence in management, enhance corporate talent, and reinforce IP's strategic role in the Mediterranean region.

SOCAR President Rovshan Najaf highlighted the acquisition as a key milestone in diversifying SOCAR internationally, emphasizing long-term commitment to competitive, innovative, and socially responsible business practices that enhance energy security and deepen the Azerbaijani-Italian partnership.

IP Chairman Ugo Bracchetti Peretti expressed pride in leaving a strong legacy of knowledge, professional excellence, and innovation to SOCAR. He thanked the board and employees for their dedication in making the company a leading market player capable of attracting top-tier international investments.

"After leading this organization, which has become one of the most important companies in Italy for more than 90 years, we are proud to leave the future owners with a lasting legacy of knowledge, extraordinary professionals, rich experience and exceptional ability to innovate," he said.