16:50 - 19.02.2026

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February 19, Fineko/abc.az. The European Commission has approved the acquisition by the State Oil Company of Azerbaijan (SOCAR) of a 99.82% stake in Italiana Petroli (IP) from API Holding.

ABC.AZ reports, referring to the Commission, that the transaction primarily concerns the supply of crude oil and petroleum products.

The European Commission noted that the acquisition would not raise competition concerns, given the limited market position it will have as a result, and therefore, the review was carried out under the simplified merger procedure.

Italiana Petroli is one of Italy's biggest integrated downstream platforms. The company owns thousands of filling stations across the country, two refineries with an annual capacity of approximately 10 million tons, and is also involved in the sale of bitumen, aviation fuel, and lubricants, with a nationwide logistics network.

The agreement to purchase 99.82% of Italiana Petroli shares between SOCAR and API Holding was signed on September 23, 2025.

This acquisition is an important step in expanding SOCAR's presence in the European energy market and will also contribute to strengthening Azerbaijan's economic and energy cooperation with Italy, as well as energy security and sustainable development in Europe.