BAKU, Azerbaijan, February 19. The European Commission has approved the acquisition of full control by the State Oil Company of Azerbaijan (SOCAR) over the Italiana Petroli S.p.A. and MIP S.p.A. companies (together Italiana Petroli), Trend reports via the commission.
The decision was made in accordance with the European Union (EU) Merger Regulation.
SOCAR acquires 99.82% of the shares of Italiana Petroli from API Holding. The transaction mainly covers the supply of crude oil and petroleum products.
As a result of the investigation, the European Commission noted that this operation won't negatively affect the competitive environment. Given the limited market positions of the companies, the transaction was assessed within the framework of the simplified merger investigation procedure.
The decision further strengthens SOCAR's position in the Italian market.
On September 23, 2025, SOCAR signed a tripartite share purchase agreement with Italiana Petroli S.p.A. and MIP S.p.A. in Baku during the second day of the 1st Azerbaijan International Investment Forum.
The agreement was signed by SOCAR President Rovshan Najaf and Chairman of the Board of Italiana Petroli S.p.A. Ugo Brachetti Peretti.
Meanwhile, the deal holds significant importance for deepening international cooperation in Azerbaijan’s energy sector and for expanding SOCAR’s strategic partnerships.
In an interview with Trend, Peretti said that Azerbaijan and SOCAR have the potential to attract new investments, modern approaches, and valuable experience to both Azerbaijan and Italy.
Peretti also expressed satisfaction with the collaboration with Azerbaijan.
"Azerbaijan is one of the key countries in the region, with significant credibility and influence in this sector. We are very pleased to establish this cooperation with Azerbaijan," he added.
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