SOCAR sees Italiana Petroli deal as a platform for expansion in Europe

Azerbaijan’s state oil company SOCAR views the planned acquisition of 99.82% of Italian fuel retailer and refiner Italiana Petroli (IP) from API Holding as a strategic platform for strengthening its position in the European energy market, company Vice President Anar Mammadov said.

According to him, the European energy market is characterised by intense competition, tight regulation and a rapid energy transition, while ownership of a refining asset in such a region offers SOCAR not only commercial but also strategic opportunities.

Mammadov said the investment would allow the company to build a more integrated business model in Europe, covering the full value chain from production to refining, trading and distribution.

He noted that one of the two refineries to be acquired under the deal offers significant advantages in terms of logistics and commercial flexibility.

According to him, the asset’s location in the Mediterranean will allow it to process different crude grades and respond more quickly to demand in the European market, while also strengthening SOCAR’s global trading network.

As reported, SOCAR signed an agreement in September 2025 to acquire 99.82% of Italiana Petroli from API Holding. The deal has not yet been completed.

Founded in 1933 and owned by the Brachetti Peretti family, Italiana Petroli is one of Italy’s largest integrated downstream companies. Its assets include more than 4,600 filling stations, two oil refineries with a combined capacity of about 10 million tonnes per year, and an extensive logistics network.

The deal is valued at about 3 billion euros.

N.Tebrizli