SOCAR completes acquisition of 99.82% stake in Italy’s Italiana Petroli

Azerbaijan’s state energy company SOCAR said on Friday it had completed the acquisition of a 99.82% stake in Italy’s Italiana Petroli from API Holding after receiving all required regulatory approvals.   

Italiana Petroli, known as IP, operates two refineries, storage facilities and a nationwide retail fuel network in Italy.

SOCAR said the deal strengthens its presence in Europe and supports its strategy to expand its integrated energy value chain.

Italy is a key European market for SOCAR, which supplies crude oil to the country through the Baku-Tbilisi-Ceyhan pipeline and contributes to gas supply diversification via the Southern Gas Corridor.