SOCAR expects Italiana Petroli deal to strengthen its position in Europe
BAKU. April 21 (Interfax) - The State Oil Company of Azerbaijan Republic (SOCAR) sees the acquisition of 99.82% of Italiana Petroli (IP) from API Holding as a "strategic platform" for strengthening its position on the European energy market, company vice president Anar Mamedov said.
"The European energy market stands apart with its stiff competition and strict regulation, and it is also a region that is experiencing the fastest energy transition. Having an oil refinery on such a market is not just a commercial opportunity, it is also a strategic platform for SOCAR," Mamedov said in an interview with Enerjimiz Bir, a journal published by his company's Turkish subsidiary SOCAR Turkiye Enerji.
This investment has given SOCAR a more integrated business model in Europe that encompasses all stages from production to refining, he said.
"In other words, the company is no longer just a producer of oil and gas, it is also becoming an active player in the European energy system in the areas of refining, trading and product distribution," Mamedov said.
He said one of the two refineries acquired in the Italiana Petroli deal offers significant advantages in terms of logics and commercial flexibility.
"Thanks to its strategic location in the Mediterranean basin, it makes it possible to process various types of oil and quickly respond to demand for product on the European market. This is an important element that strengthens SOCAR's global trading network. And in a broader sense, this investment also helps SOCAR to position itself as a reliable partner who contributes to Europe's energy security," Mamedov said.
SOCAR signed an agreement in September 2025 to acquire 99.82% of shares in IP from API Holding, but the deal has not been closed yet.
IP Group was founded in 1933 and is wholly owned by the Brachetti Peretti family. Italiana Petroli is one of the largest integrated downstream platforms in Italy, encompassing two oil refineries with combined capacity of about 10 million tonnes per year, a developed logistics network and thousands of filling stations.
The deal, which will give SOCAR control over a chain of more than 4,600 filling stations under the IP brand and refining capacity, is estimated to be worth about 3 billion euros.
