Azerbaijan's SOCAR to Buy Italian Refiner IP for €3 Billion

The State Oil Company of Azerbaijan (SOCAR) has made one of the largest deals in its history, strengthening its position in the European energy market. On September 23, SOCAR signed an agreement to acquire 99.82% of the shares of the Italian company "Italiana Petroli" (IP). The value of the deal is estimated at around 3 billion euros.

The shares of IP are being sold by the "API Holding" company, which belongs to the famous Italian Brachetti Peretti family. The negotiations, which began at the end of 2024, have been successfully completed, paving the way for Azerbaijan to significantly expand its presence in the Mediterranean region. It is expected that the deal will be finalized in the first quarter of 2026, after receiving the necessary permits from the relevant regulatory authorities.

SOCAR has announced that it intends to retain the company's staff and continue to develop IP's business, giving priority to environmental standards.

So, what is SOCAR acquiring? "Italiana Petroli" is one of the largest players in the Italian energy market. Its assets include:

• A huge network of gas stations: Around 4,200 gas stations throughout Italy, which is one of the country's largest networks.

• Oil refining capacities: Two oil refineries with a total capacity of 10 million tons per year (or 200,000 barrels per day). One of them is located in the city of Falconara.

• Developed logistics: The company has a wide network of logistics infrastructure.

• Other business directions: IP is also active in the sale of aviation fuel, bitumen, and lubricants.

This acquisition is a strategically important step for Azerbaijan. It not only strengthens energy ties with Italy, which is one of the main buyers of Azerbaijani gas, but also expands SOCAR's presence in Europe, adding to major assets like the STAR refinery in Turkey. The deal allows SOCAR to control the entire energy supply chain, from production to the sale of fuel to the end consumer, becoming a full-fledged player in the European retail market, at least in Italy.