SOCAR to complete Italiana Petroli acquisition in 2026

Azerbaijan’s state oil company SOCAR said it has signed a deal to acquire a 99.82% stake in Italian energy group Italiana Petroli (IP) from API Holding, with the transaction expected to close in the first quarter of 2026 subject to regulatory approvals.

The deal follows a competitive M&A process that began in late 2024. Italiana Petroli is one of Italy’s largest integrated downstream platforms, operating thousands of fuel stations, two refineries with an annual processing capacity of about 10 million tonnes, a nationwide logistics network and sales of bitumen, aviation fuel and lubricants.

SOCAR said it plans to maintain IP’s market position in cooperation with its local management team and will not cut jobs. The company pledged to continue providing high-quality services and to uphold environmental standards.

API Holding said it chose SOCAR as a buyer after a detailed process, citing the Azeri group’s institutional profile and international experience. SOCAR president Rovshan Najaf called the acquisition an important step in diversifying the company’s global presence and strengthening energy ties between Azerbaijan and Italy.